Accounting for United States Economic Growth, 1929-1969 [By] Edward F. Denison PDF Download
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Author: Edward Denison Publisher: Brookings Institution Press ISBN: 9780815719755 Category : Business & Economics Languages : en Pages : 172
Book Description
The growth rate of national income has fluctuated widely in the United States since 1929. In this volume, Edward F. Denison uses the growth accounting methodology he pioneered and refined in earlier studies to track changes in the trend of output and its determinants. At every step he systematically distinguishes changes in the economy’s ability to produce—as measured by his series on potential national income—from changes in the ratio of actual output to potential output. Using data for earlier years as a backdrop, Denison focuses on the dramatic decline in the growth of potential national income that started in 1974 and was further accentuated beginning in 1980, and on the pronounced decline from business cycle to business cycle in the average ratio of actual to potential output, a slide under way since 1969. The decline in growth rates has been especially pronounced in national income per person employed and other productivity measures as growth of total output has slowed despite a sharp acceleration in growth of employment and total hours at work. Denison organizes his discussion around eight table that divide 1929-82 into three long periods (the last, 1973-82) and seven shorter periods (the most recent, 1973-79 and 1979-82). These tables provide estimates of the sources of growth for eight output measures in each period. Denison stresses that the 1973-82 period of slow growth in unfinished. He observes no improvement in the productivity trend, only a weak cyclical recovery from a 1982 low. Sources-of-growth tables isolate the contributions made to growth between “input” and “output per unit of input.” Even so, it is not possible to quantify separately the contribution of all determinants, and Denison evaluates qualitatively the effects of other developments on the productivity slowdown.
Author: Edward Fulton Denison Publisher: Washington, D.C. : Brookings Institution ISBN: 9780815718109 Category : United States Languages : en Pages : 141
Book Description
Denison studies changes in the trend of output and its determinants. Using the growth-accounting methodology that he himself pioneered and refined in earlier studies, he systematically distinguishes changes in the economy's ability to produce--as measured by his series on potential national income--from changes in the ratio of actual output to potential output. He focuses on the decline in the growth of potential national income that started in 1974 and was further accentuated beginning in 1980. He also highlights the pronounced decline, from business cycle to business cycle, in the average ratio of actual to potential output since 1969. Denison organizes his discussion around eight tables that divide the 1929-82 period into three long and seven short periods. The most recent "long period" --1973-1982-- was, says Denison, a period of slow growth which is as yet unfinished. ISBN 0-8157-1809-8 (pbk.) : $10.95.
Author: Edward Fulton Denison Publisher: Washington : Brookings Institution ISBN: Category : Business & Economics Languages : en Pages : 384
Book Description
Economic research monograph on national accounting and the economic analysis of economic growth trends in the USA - introduces an innovative research methodology by which potential output is estimated from actual output by the detailed adjustment of the determinants of output, and covers growth rates in national income, production factors and input output analysis, estimates of employment, etc. Graphs, references and statistical tables.