Excerpt
Excerpt
Growth Accounting within the International Comparison Program. Dale Jorgenson, April 2009, Paper. "This paper analyzes the sources of economic growth of the world economy, seven regions, and fourteen major economies during three periods – 1989-1995, 1995-2000, and 2000- 2006. We allocate the growth of world output, as measured in the World Bank’s International Comparison Program, between input growth and productivity. We find, surprisingly, that input growth greatly predominates! Moreover, except for the industrialized economies, differences in per capita output levels are explained by differences in per capita input, rather..." Link