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4 - Production Functions and Growth Accounting

Published online by Cambridge University Press:  28 March 2024

Jeremy B. Rudd
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Summary

The chapter documents how U.S. economic growth, labor productivity growth, and labor’s share of output have evolved over time. Issues concerning the estimation of the economy’s productive potential are discussed, including problems associated with factor aggregation, the theoretical and empirical use of production functions, and growth accounting. The role that estimates of potential output should play in the policy process is also considered.

Keywords

Economic growthpotential outputgrowth accountingproduction functionscapital aggregationlabor’s share
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Chapter
Information
A Practical Guide to Macroeconomics , pp. 79 - 103
Publisher: Cambridge University Press
Print publication year: 2024

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