tag:blogger.com,1999:blog-2098432983500045934.post3889544902621293434..comments2024-03-12T22:19:32.339-04:00Comments on The New Arthurian Economics: Total Fudge-Factor ProductivityThe Arthurianhttp://www.blogger.com/profile/16501331051089400601noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-2098432983500045934.post-16766425204335531172018-10-27T04:58:17.961-04:002018-10-27T04:58:17.961-04:00Kevin Bryan at Vox writes:
"Consider Solow&#...<a href="https://voxeu.org/article/how-we-create-and-destroy-growth-2018-nobel-laureates" rel="nofollow">Kevin Bryan at Vox</a> writes:<br /><br />"Consider Solow's model. Economic output is a function of ‘technology’, the capital stock and labour. The capital stock depends on savings and depreciation, labour grows at a constant rate n, and ‘technology’ grows at constant rate g. Solow shows that growth can be decomposed in a regression into observable growth in capital and labour, and unobservable growth in technology. In the US, most growth is driven by the latter factor, what Moses Abramovitz called ‘the measure of our ignorance’ but which we often call ‘technology’ or ‘total factor productivity’."<br />The Arthurianhttps://www.blogger.com/profile/16501331051089400601noreply@blogger.comtag:blogger.com,1999:blog-2098432983500045934.post-48718064948671633672016-05-04T13:22:59.994-04:002016-05-04T13:22:59.994-04:00Jared Bernstein says Total Factor Productivity is ...<a href="https://www.washingtonpost.com/posteverything/wp/2016/05/04/the-productivity-slump-and-what-to-do-about-it/?hpid=hp_regional-hp-cards_no-name:homepage/card" rel="nofollow">Jared Bernstein</a> says Total Factor Productivity is a "fudge factor".<br /><br />See? I was right.<br />The Arthurianhttps://www.blogger.com/profile/16501331051089400601noreply@blogger.comtag:blogger.com,1999:blog-2098432983500045934.post-10167491966822359012016-03-27T19:57:01.084-04:002016-03-27T19:57:01.084-04:00Roger Farmer: "Growth, in the Solow model, is...<a href="http://rogerfarmerblog.blogspot.com/2016/03/idiopathic-tardus-augmenti.html" rel="nofollow">Roger Farmer</a>: "Growth, in the Solow model, is caused by an exogenous increase in an unexplained factor called technological progress."<br /><br />That sums it up pretty well. We don't know where it comes from, and we can't explain it.<br />The Arthurianhttps://www.blogger.com/profile/16501331051089400601noreply@blogger.comtag:blogger.com,1999:blog-2098432983500045934.post-86342735378783194752015-06-08T05:02:35.777-04:002015-06-08T05:02:35.777-04:00
http://www.reddit.com/r/Economics/comments/38yr2d...<br />http://www.reddit.com/r/Economics/comments/38yr2d/what_drives_longrun_economic_growth_st_louis_fed/<br />The Arthurianhttps://www.blogger.com/profile/16501331051089400601noreply@blogger.com