Found 21 article(s) for author 'Dale Jorgenson'

Production and Welfare: Progress in Economic Measurement

Production and Welfare: Progress in Economic Measurement. Dale Jorgenson, 2017, Paper, “While the GDP was intended by its originators as a measure of production, the absence of a measure of welfare in the national accounts has led to widespread misuse of the GDP to proxy welfare. Measures of welfare are needed to appraise the outcomes of changes in economic policies and evaluate the results. Concepts that describe the income distribution, such as poverty and inequality, fall within the scope of welfare rather than production. This paper reviews recent advances in the measurement of production and welfare within the national accounts, primarily in the United States and the international organizations. Expanding the framework beyond the national accounts has led to important innovations in the measurement of both production and welfare.Link

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The World Economy Growth or Stagnation?

The World Economy Growth or Stagnation? Dale Jorgenson, November 2016, Book, “The balance of the world economy is shifting away from the established economies of Europe, Japan, and the USA, towards the emerging economies of Asia, especially India and China. With contributions from some of the world’s leading growth theorists, this book analyses the long-term process of structural change and productivity growth across the world from a unique comparative perspective. Ongoing research from the World KLEMS Initiative is used to comparatively study new sources of growth – including the role of investment in intangible assets, human capital, technology catch-up, and trade in global value chains. This book provides comparisons of industries and economies that are key to analysing the impacts of international trade and investment. This makes it an ideal read for academics and students interested in understanding current patterns of economic growth. It will also be of value to professionals with an interest in the drivers of economic growth and crisis.” Link

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The Outlook for Emerging Economies

The Outlook for Emerging Economies. Dale Jorgenson, May 26, 2016, Paper, “According to the authoritative estimates of Angus Maddison, the United States was the world’s largest economy throughout the twentieth century.(Angus, 2001) International economic cooperation among the world’s industrialized countries began to take its contemporary form with the formation of the G7 in 1975 and 1976. The G7 includes the U.S., the four major European countries–France, Germany, Italy, and the U.K–as well as Canada and Japan. During most of the twentieth century a fundamental transformation of the world economy seemed a remote and unlikely prospect. However, in the twenty-first century the balance of the world economy is shifting from the industrialized economies, led by Europe, Japan, and the United States, to the emerging economies of Asia, especially China and India. The massive shift in the world economy is generating a new world order …Link

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The ICT Revolution, World Economic Growth, and Policy Issues

The ICT Revolution, World Economic Growth, and Policy Issues. Dale Jorgenson, February 1, 2016, Paper. “The ICT revolution fueled by the exponential progress of the semiconductor technology and the accelerated pace of globalization has become an important driver of economic growth across nations. In this rapidly changing landscape, the world economy is entering into a New Economic Order, in which developing Asia led by two fast-growing giant economies, China and India, will have much larger impacts on the world economy. This paper provides empirical evidence on these phenomena and highlights policy issues that deem important for a country to seize the ICT revolution for promoting economic growth.Link

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The Impact of Information Technology on Postwar US Economic Growth

The Impact of Information Technology on Postwar US Economic Growth. Dale Jorgenson, November 28, 2015, Paper. “We provide detailed information on the crucial role of information technology in the postwar growth of the U.S. economy, from the development of the telecommunications services and the telecommunications equipment industries through the successful commercialization of semiconductor technology and the ongoing shift to cloud-based IT services. Our industry-level data set reveals that productivity gains over the postwar period originated disproportionally in industries that produce IT, but the replication of established technologies through growth of capital and labor inputs explains by far the largest proportion of U.S. economic growth. We find that the substantial growth deceleration during the Great Recession was driven by modestly negative aggregate productivity growth, but that only a minor portion of the drop in the growth rate was due to the IT-producing industries.Link

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Education, Participation, and the Revival of US Economic Growth

Education, Participation, and the Revival of US Economic Growth. Dale Jorgenson, October 1, 2015, Paper. “Labor quality growth represents the upgrading of the labor force through higher educational attainment and greater experience. While much attention has been devoted to the aging of the labor force and the ongoing retirement of the baby boomers, the looming plateau in average educational attainment of U.S. workers has been overlooked. The educational attainment of people emerging from the educational system, while high, has been nearly constant for the past several decades. Rising average educational attainment is about to become part of U.S. economic history. We define the participation rate for each age-sex group as the number of employed as a proportion of the population of that age group. This rate could also be called the employment participation rate.” Link

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Measuring Individual Economic Well-Being and Social Welfare within the Framework of the System of National Accounts

Measuring Individual Economic Well-Being and Social Welfare within the Framework of the System of National Accounts. Dale W. Jorgenson, March 27, 2015, Paper. “While the agenda of ‘beyond GDP’ encompasses measurements that lie outside boundaries of the System of National Accounts, key aspects of individual well-being and social welfare can be incorporated into an SNA framework. Jorgenson and Slesnick (1983, 2014) developed the theory and methodology for full implementation of these features. However, for regular statistical production, this may not always be feasible. We identify the simplifying assumptions required to put a less ambitious but empirically more tractable measurement of individual and social welfare in place…” Link

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U.S. Economic Growth – Retrospect and Prospect: Lessons from a Prototype Industry-Level Production Account for the United States, 1947-2012

U.S. Economic Growth – Retrospect and Prospect: Lessons from a Prototype Industry-Level Production Account for the United States, 1947-2012. Dale Jorgenson, March 25, 2015, Paper. “In order to analyze the long-term growth of the U.S. economy we have constructed a new data set on the growth of U.S. output and productivity by industry for 1947-2012. This includes the output for each of the 65 industries represented in the U.S. national accounts, as well as the inputs of capital (K), labor (L), energy (E), materials (M), and services (S). The key indicator of innovation is productivity growth for each industry, where productivity is…”  Link

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Economics 1490 – Growth and Crisis in the World Economy

Economics 1490 – Growth and Crisis in the World Economy. Dale Jorgenson, 2015, Course Materials. “This course assesses the future of the tri-polar world economy – Asia, Europe, and North America. The course analyzes the resurgence of the US economic growth, the emergence of asset pricing bubbles, and the ensuing financial and economic crisis. We will discuss the sources of Asian growth miracles and the convergence and subsequent divergence of Europe and North America. What growth rate is sustainable and who will lead? What are the forces that threaten long-term prosperity?” Link

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WHAT WILL END THE LONG SLUMP? Lessons from an Industry-Level Production Account for the United States, 1947-2010

WHAT WILL END THE LONG SLUMP? Lessons from an Industry-Level Production Account for the United States, 1947-2010. Dale Jorgenson, January 4, 2014, Opinion. “Presented at the annual conference of the American Economic Association to the session on Rapid Growth or Stagnation of the U.S. Economy. Sponsored by the American Economic Association and the Society for Policy Modeling…” Link Verified October 13, 2014

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