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R&D and Productivity: The Econometric Evidence (National Bureau of Economic Research Monograph) by Zvi Griliches

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Output Measurement in the Service Sectors, Handbook of Econometrics, R&D and Productivity: The Econometric Evidence (National Bureau of Economic Research Monograph), Price Indexes and Quality Change: Studies in New Methods of Measurement, R&d, Education, and Productivity: A Retrospective, Handbook of Econometrics, Volume 1, R and D, Patents, and Productivity, Income Distribution and Economic Inequality, Handbook of Econometrics, Volume II, Productivity Issues in Services at the Micro Level: A Special Issue of the Journal of Productivity Analysis
take advantage of the panel structure of their data to control for possible errors of specifica tion in their models It is interesting to note that the econometric and DEA methods may be closer than some of their respective advocates seem to believe Several of the studies show that the former as well as the latter can be effectively used to assess the relative effi ciency of groups of firms or individual firms and one of them explicitly compare results arising from both Fecher et al Econometric techniques can also be nonparametric and applied to estimating cost or production frontiers and not only average functions while ultimately DEA should be amenable to statistical inference Perhaps the most valuable feature of all the analyses is their care and ingenuity in putting together the data measuring variables and pulling out relevant information Many of them are not content with an overall output measure but endeavor to manage with less aggregated measures Nearly all also include in the estimated models a number of auxiliary variables intended to control for specific attributes of outputs inputs or production techniques and other characteristics of firms, Is the fall in overall productivity growth in the United States and other developed countries related to the rising share of the service sectors in the economy Since services represent well over half of the U S gross national product it is also important to ask whether these sectors have had a slow rate of growth as this would act as a major drag on the productivity growth of the overall economy and on its competitive performance In this timely volume leading experts from government and academia argue that faulty statistics have prevented a clear understanding of these issues br, The Handbook is a definitive reference source and teaching aid for econometricians It examines models estimation theory data analysis and field applications in econometrics Comprehensive surveys written by experts discuss recent developments at a level suitable for professional use by economists econometricians statisticians and in advanced graduate econometrics courses For more information on the Handbooks in Economics series please see our home page on http a target blank href http www elsevier nl locate hes rel nofollow www elsevier nl locate hes a br, Zvi Griliches was a modern master of empirical economics In this short book he recounts what he and others have learned about the sources of economic growth This book conveys the way he tackled research problems For Griliches economic theorizing without measurement is merely the fashioning of parables but measurement without theory is blind Judgment enables one to strike the right balance br br The book begins with economists first attempts to measure productivity growth systematically in the s In the mid s these efforts culminated in a startling puzzle The growth of measured inputs like labor and capital explained only a fraction of the growth of national output Economists called this phenomenon efficiency or technical change or the residual However Griliches observes that the most accurate name was a measure of our ignorance What explained the rest of economic growth quickly became one of the most important questions in economics br br Over the next thirty years Griliches and his colleagues and students looked for various components of the residual in education the formation of human capital investment the formation of physical capital and research and development In after the oil price shocks productivity growth slowed and the residual almost disappeared Since the shocks were a short term phenomenon they could not account for the slowdown A main focus of this book is therefore the puzzle of the productivity slowdown and how to date it and how to explain it