Assessing Dynamic Efficiency: Theory and Evidence

Abstract

The issue ot dyn.aic efficiency is central to analyses of capital accueulation and economic growth.iet tne question of what operating characteristics of an econoay subject to productivity shocks should be examirieo to deteraine whether or riot it is e+iicient has not been raoi ved.This paoor do a criterion based or ooservabies tor oeteraarirg whether or not an economy is dynamically e+ficent.The criterion involves a coniparisori of the casr flows generated oy capital with the volume of investeert.Its application to the United States economy arid the ecoroci cc of other oiaor OECD nations sugqests that they are dynamically efficient.

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