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The productivity slowdown of the 1970s and 1980s and the resumption of productivity growth in the 1990s have provoked controversy among policymakers and researchers. Economists have been forced to reexamine fundamental questions of measurement technique. Some researchers argue that econometric approaches to productivity measurement usefully address shortcomings of the dominant index number techniques while others maintain that current productivity statistics underreport damage to the environment. In this book, the contributors propose innovative approaches to these issues. The result is a state-of-the-art exposition of contemporary productivity analysis. Charles R. Hulten is professor of economics at the University of Maryland. He has been a senior research associate at the Urban Institute and is chair of the Conference on Research in Income and Wealth of the National Bureau of Economic Research. Michael Harper is chief of the Division of Productivity Research at the Bureau of Labor Statistics. Edwin R. Dean, formerly associate commissioner for Productivity and Technology at the Bureau of Labor Statistics, is adjunct professor of economics at The George Washington University.
This innovative volume presents a comprehensive appraisal of John Hicks' Capital and Time (1973) thirty years on from its original publication. Contributors include Walter Eltis, Heinz Kurz and Maghnad Desai.
Within the conventional neoclassical framework, a distinction is sometimes made between product-augmenting and factor-augmenting technical change. A parallel distinction is commonly made between embodied and disembodied technical change with the former associated with factor, and the latter with product, augmentation. Disembodied change is commonly assumed to arise from increases in the stock of knowledge, independently of the characteristics of the inputs used, while embodied change relates to increases in the efficiency of inputs, that is, labor skills or the productivity of physical capital.
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Technology has been thought and discussed as one of the pivotal sources of economic growth. As the importance of technology and R& D, as its embodied form, being increased of its importance, a critical concern has been given on how to organize technology development. The concern is not confined to developing countries, but also extends to advanced nations due to a trait of knowledge intensive economies, which require longer and more complex linkages from knowledge to the actual production of goods and services. This book covers the issue of organizing technology development with multinational cases ranging from Korea, Japan to United States and other countries with universally applicable theories that provide possibilities for application in other countries. The other peculiarity of this book is that it presents not only what has happened in its analysis, but also tries to describe possible future trends. Changing contexts of capitalism has increased necessity to organize technology development even for advanced nations as long as they are regarded as knowledge intensive economies. Against the dynamic of longer & more complex linkages from knowledge to production, the answer from the economy & society was to increase R&D to "ride" the dynamic of "intensified" technology requirements.