US economic growth – retrospect and prospect: lessons from a prototype industry-level production account for the US, 1947–2012

Jorgenson, Dale W.; Ho, Mun S.; Samuels, Jon D.

doi:10.1017/9781316534502.002

Cited by 8 publications

(25 citation statements)

References 20 publications

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“… These results are broadly consistent with Jorgenson, Ho, and Samuels () covering the postwar period: 1947–2012.…”

supporting

confidence: 90%

“…Population is total noninstitutional population. Hours per week is normalized to a 52-week work week.22 The BEA-BLS account data are Available: http://www.bea.gov/industry/ 23 These results are broadly consistent withJorgenson, Ho, and Samuels (2016) covering the postwar period: 1947-2012.…”

mentioning

confidence: 60%

“…For the marginal matrices that do not use the full 65 industries, the industries are chosen to group industries with similar characteristics. It is worth emphasizing that these are the same industry groupings used by Jorgenson, Ho, and Samuels (2016). We gather the relevant data using IPUMS (Flood et al 2015).…”

Section: Data and Data Constructionmentioning

confidence: 99%

“…Looking forward, however, average levels of educational attainment of people entering the workforce have plateaued. : 1992-1994AD: 2012-2014BA: 1992-1994 BA: 2012-2014 Thus, the prospects for increased educational attainment as an ongoing source of growth is limited (Jorgenson, Ho, and Samuels 2016). Their measure of educational attainment classifies workers into six categories: (i) 0-8 years of grade school, (ii) grade 9-12 no diploma, (iii) High School graduate, (iv) Some College (including associates degrees), (v) bachelors degree, and (vi) more than a bachelors degree.…”

Section: Labor Quality and Economic Growthmentioning

confidence: 99%

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The Contribution of Associate's Degree Holders to U.S. Earnings, Labor Quality, Productivity, and Overall Economic Growth

Gittell¹,

Samuels²,

Tebaldi³

2017

Southern Economic Journal

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There is substantial evidence on the importance of education as a driver of earnings, productivity, and economic growth. However, knowledge of the specific role of associate's degrees in U.S. economic growth is limited. We analyze the sources of U.S. economic growth and identify the contribution of associate's degree holders to improvements in earnings, labor quality, productivity, and overall economic growth. We find evidence that substitution toward workers with associate's degrees has increased U.S. earnings, aggregate labor quality, and productivity, and that these effects are concentrated in the health care, trade, and government sectors. While the average educational attainment of people entering the labor force has plateaued, our results suggest that shifting workers from some college to associate degrees could improve earnings, the quality of the workforce, productivity, and growth, potentially without more time spent in school.

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“… These results are broadly consistent with Jorgenson, Ho, and Samuels () covering the postwar period: 1947–2012.…”

supporting

confidence: 90%

mentioning

confidence: 60%

Section: Data and Data Constructionmentioning

confidence: 99%

Section: Labor Quality and Economic Growthmentioning

confidence: 99%

See 2 more Smart Citations

The Contribution of Associate's Degree Holders to U.S. Earnings, Labor Quality, Productivity, and Overall Economic Growth

Gittell¹,

Samuels²,

Tebaldi³

2017

Southern Economic Journal

Self Cite

View full text Add to dashboard Cite

show abstract

“…The U.S. production account was developed by Jorgenson, Ho, and Samuels (2015), who have extended the estimates of Jorgenson, Ho, and Stiroh (2005) backward to 1947 and forward to 2012. We extend the Japanese production account presented by Jorgenson and Nomura (2007) backward to 1955 and forward to 2012 with important revisions described below.…”

Section: Introductionmentioning

confidence: 99%

A half century of Trans-Pacific competition: price level indices and productivity gaps for Japanese and US industries, 1955–2012

2016

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Trans-Pacific competition between Japanese and U.S. industries has provided powerful incentives for mutually beneficial economic cooperation between Japan and the United States. The benefits would be greatly enhanced by the proposed Trans-Pacific Partnership, an international agreement that would involve Japan, the United States, and 10 additional countries of the Asia-Pacific region. In this paper, we analyze competition between Japanese and U.S. industries in detail over more than a half century. We conclude with a discussion of opportunities for improving productivity performance in both countries. We first present new estimates of price level indices for Japan and the United States over the period 1955-2012. These indices are key indicators of international competitiveness between the two countries, often expressed as over-valuation or under-valuation of the Japanese yen relative to the U.S. dollar. We provide price level indices for outputs and inputs of 36 industries and for the two economies as a whole. The inputs at the industry level include capital, labor, energy, materials, and services (KLEMS). For an economy as a whole, output is gross domestic product (GDP) and the inputs are capital and labor services. We use our price level indices to generate new estimates of productivity gaps for the two countries and for individual industries. The productivity gap is an indicator of the efficiency of production. A wide Japan-U.S. productivity gap that existed in 1955 contracted for more than three decades, and Japan came close to parity with the United States in 1991. After the collapse of the "bubble economy" in Japan, the Japan-U.S. productivity gap widened again and only a few industries in Japan retained a productivity advantage over their U.S. counterparts in 2012. We conclude that industries sheltered from international competition offer the greatest opportunities for improvements in productivity performance.

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To chain or not to chain? measuring real GDP in the US and the choice of index number

Oulton

2024

J Prod Anal

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National Statistical Institutes (NSIs) in advanced countries have generally adopted chain-linking in their national accounts. The United States uses a chained Fisher, an example of a superlative index number, in its national accounts. However the Fisher is only one of an infinite number of superlative index numbers. So an important issue is how sensitive are the estimates of output growth to the choice of index number. This issue is analysed by examining data from the BEA/BLS industry-level integrated production account, 1987–2020. Estimates of superlative and other index numbers are presented for this dataset. The sensitivity of real GDP growth to the value of the crucial parameter in a superlative index number is tested. The extent to which the desirable characteristics of value consistency and aggregation consistency are satisfied for different superlative index numbers is also analysed. The desirability of chain-linking does not follow automatically just from the use of superlative indices. So I also compare chained and unchained versions of these same index numbers. Finally, Europe uses a different approach to output measurement to the US, chained Laspeyres versus chained Fisher. I look at how different US estimates would be if they employed European methodology.

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US economic growth – retrospect and prospect: lessons from a prototype industry-level production account for the US, 1947–2012

Cited by 8 publications

References 20 publications

The Contribution of Associate's Degree Holders to U.S. Earnings, Labor Quality, Productivity, and Overall Economic Growth

The Contribution of Associate's Degree Holders to U.S. Earnings, Labor Quality, Productivity, and Overall Economic Growth

A half century of Trans-Pacific competition: price level indices and productivity gaps for Japanese and US industries, 1955–2012

To chain or not to chain? measuring real GDP in the US and the choice of index number

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