Economia
Intangible Capital and Economic Growth
Carol Corrado, Charles Hulten, and Daniel Sichel
Published macroeconomic data traditionally exclude most intangible investment from measured GDP. This situation is beginning to change, but our estimates suggest that as much as $800 billion is still excluded from U.S. published data (as of 2003), and that this leads to the exclusion of more than $3 trillion of business intangible capital stock. To assess the importance of this omission, we add intangible capital to the standard sources-of-growth framework used by the BLS, and find that the inclusion of our list of intangible assets makes a significant difference in the observed patterns of U.S. economic growth. The rate of change of output per worker increases more rapidly when intangibles are counted as capital, and capital deepening becomes the unambiguously dominant source of growth in labor productivity. The role of multifactor productivity is correspondingly diminished, and labor’s income share is found to have decreased significantly over the last 50 years.
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Economia
Crescimento econômico
Intangible Capital and Economic Growth
Carol Corrado, Charles Hulten, and Daniel Sichel
Published macroeconomic data traditionally exclude most intangible investment from measured GDP. This situation is beginning to change, but our estimates suggest that as much as $800 billion is still excluded from U.S. published data (as of 2003), and that this leads to the exclusion of more than $3 trillion of business intangible capital stock. To assess the importance of this omission, we add intangible capital to the standard sources-of-growth framework used by the BLS, and find that the inclusion of our list of intangible assets makes a significant difference in the observed patterns of U.S. economic growth. The rate of change of output per worker increases more rapidly when intangibles are counted as capital, and capital deepening becomes the unambiguously dominant source of growth in labor productivity. The role of multifactor productivity is correspondingly diminished, and labor’s income share is found to have decreased significantly over the last 50 years.
Mais
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- Artigos Sobre O Crescimento Económico Em Inglês:
Economic Growth by Paul M. Romer ICT and Economic GrowthEconomic Growth in a Cross Section of Countries by Robert J. BarroA Contribution to the Empirics of Economic Growth by N. Gregory Mankiw; David Romer; David N. WeilFinancial Development and Economic...
- Workin’ Man Blues
• There seems to be a widespread belief that Brazilian potential GDP growth stands at 4% to 4.5%, transparent not only in consensus forecasts suggesting that growth should trend back to those levels in the next couple of years, but also in government...
- Crescimento Econômico E Distribuição
Solow writes, if the economy is growing at g percent per year, and if it saves s percent of its national income each year, the self-reproducing capital-income ratio is s / g (10 / 2 in the example). Piketty suggests that global growth of output...
- Brasil - Expectativas Não Realizadas
Past and Present: Brazil’s Unfulfilled Expectations Industrial Growth and Structural Change: Brazil in a Long-Run Perspective by Dante Aldrighi ([email protected]) and Renato P. Colistete ([email protected]) Abstract: This paper...
- Como "crescer" A Economia
US GDP is about to get a lot bigger The economy will grow by 3% in July because of a shift in how the government measures output, especially of intangible assets. By Bruce Kennedy Starting in July, the U.S. gross domestic product will officially...