Measuring Economic Growth and Productivity
Foundations, KLEMS Production Models, and Extensions

Illustrates the methods and results of properly measuring economic performance and economic prosperity beyond GDP

Barbara Fraumeni (Edited by)

9780128175965, Elsevier Science

Paperback, published 6 November 2019

554 pages
23.4 x 19 x 3.4 cm, 1.07 kg

"Twenty-two papers explore challenges associated with measuring economic growth and productivity highlighting the use of capital, labor, energy, materials, and services (KLEMS) data and production models. Papers discuss how economic growth is achieved; the evolution of the US national accounts with a focus on the intersection of measurement, theory, and economic research; the efficiency costs and welfare gains from potential tax reform." --Journal of Economic Literature

Measuring Economic Growth and Productivity: Foundations, KLEMS Production Models, and Extensions presents new insights into the causes, mechanisms and results of growth in national and regional accounts. It demonstrates the versatility and usefulness of the KLEMS databases, which generate internationally comparable industry-level data on outputs, inputs and productivity. By rethinking economic development beyond existing measurements, the book's contributors align the measurement of growth and productivity to contemporary global challenges, addressing the need for measurements as well as the Gross Domestic Product.

1. Economic growth: a different view 2. Expanding the conceptual foundation, scope, and relevance of the US national accounts: The intersection of theory, research, and measurement 3. Tax policy and resource allocation 4. Sources of growth in the world economy: A comparison of G7 and E7 economies 5. European productivity in the digital age: Evidence from EU KLEMS 6. Manufacturing productivity in India: The role of foreign sourcing of inputs and domestic capacity building 7. An international comparison on TFP changes in ICT industry among Japan, Korea, Taiwan, China, and the United States 8. Losing steam? - An industry origin analysis of China's productivity slowdown 9. Growth origins and patterns in the market economy of mainland Norway, 1997-2014 10. Progress on Australia and Russia KLEMS 11. Toward a BEA-BLS integrated industry-level production account for 1947-2016 12. Benchmark 2011 integrated estimates of the Japan-US price-level index for industry outputs 13. The impact of information and communications technology investment on employment in Japan and Korea 14. Economic valuation of knowledge-based capital: An international comparison 15. Measuring consumer inflation in a digital economy 16. Intangible capital, innovation, and productivity a la Jorgenson evidence from Europe and the United States 17. Getting smart about phones: New price indexes and the allocation of spending between devices and services plans in Personal Consumption Expenditures 18. Accounting for growth and productivity in global value chains 19. Emissions accounting and carbon tax incidence in CGE models: Bottom-up versus top-down 20. Analyzing carbon price policies using a general equilibrium model with household energy demand functions 21. GDP and social welfare: An assessment using regional data 22. Accumulation of human and market capital in the United States, 1975-2012: An analysis by gender

Subject Areas: Business strategy [KJC], Investment & securities [KFFM], Public finance [KFFD], Macroeconomics [KCB]