tag:blogger.com,1999:blog-2098432983500045934.post1945417554332936024..comments2024-03-12T22:19:32.339-04:00Comments on The New Arthurian Economics: It's "Productivity and Cost", not "Productivity and Labor Cost"The Arthurianhttp://www.blogger.com/profile/16501331051089400601noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-2098432983500045934.post-15299166275002194152021-03-21T13:23:22.239-04:002021-03-21T13:23:22.239-04:001. The units for "output" are probably c...1. The units for "output" are probably chained 2012 dollars or some such.<br /><br />2. I was looking thru the "Working Paper Archives" at the St. Louis Fed, looking at the papers from 1984, and I found <br /><a href="https://s3.amazonaws.com/real.stlouisfed.org/wp/1984/1984-013.pdf" rel="nofollow">The Role of Energy in the Productivity Slowdown: A Comment</a> by John A. Tatom.<br /><br />Here's how it starts:<br /><br />"Jorgenson (1982) offers a detailed sectoral account of the slowdown in productiity growth in the U.S. economy. His approach is appealing for its microeconomic foundations and its detail; it is all the more impressive for deriving the significant empirical findings that <b><i>higher energy prices account for the sharp slowdown in the productivity growth after 1973...</i></b>"<br /><br />Productivity ... and Cost!<br />The Arthurianhttps://www.blogger.com/profile/16501331051089400601noreply@blogger.com