Download Productivity Growth in Japan and the United States (National by Charles R. Hulten PDF

By Charles R. Hulten

Rising from the ruins of the second one global warfare, the japanese economic climate has grown at double-digit fee all through a lot of the Nineteen Fifties and Sixties, and, while the oil main issue of the Nineteen Seventies slowed progress in the course of the industrialized global, jap progress during the industrialized global, eastern development premiums remained quite powerful. there were many makes an attempt via students from quite a lot of disciplines to give an explanation for this notable background, yet for economists drawn to the quantitative research of financial development and the vital query addressed is how Japan used to be in a position to develop so rapidly.The members concentration their efforts at the exact size and comparability of jap and U.S. fiscal progress. Assuming that any sustained bring up in actual GNP has to be due both to a rise within the volume of capital and hard work utilized in creation or to the extra effective use of those inputs, the authors research the person contributions of assorted components and their value within the means of output growth.These essays expand the method of progress research and supply many insights into the standards resulting in some of the best functionality of the japanese financial system. They exhibit that development is a posh approach and no unmarried issue can clarify the japanese 'miracle.'

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Extra resources for Productivity Growth in Japan and the United States (National Bureau of Economic Research Studies in Income and Wealth)

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We are also indebted to Mieko Nishimizu for her collaboration on earlier phases of the research that we report in this paper. Financial support for this research has been provided by the Harvard-MITI World Oil Project and the Program on Technology and Economic Policy of Harvard University. 29 30 Dale W. S. industries is the yen-to-dollar exchange rate. S. dollar in the market for foreign exchange. Variations in the yen-to-dollar exchange rate are easy to document and are often used to characterize movements in relative prices in the two countries.

The relative importance of different types of steel differs between the two countries. The composition of the output of the steel industry in each country also changes over time. These differences must be taken into account in comparing the relative prices of steel between Japan and the United States. S. industries can be summarized by means of purchasing power parities. The purchasing power parity for a specific industry’s output is the number of yen required in Japan to purchase an amount of the industry’s output that would cost one dollar in the United States.

Patrick, Hugh, and Henry Rosovsky, eds. 1976. Asia’s new giant. : Brookings. Shoven, John, and Toshiaki Tachibanaki. 1988. The taxation of income from capital in Japan. In Government policy towards industry in the United States and Japan, ed. John Shoven. Cambridge and New York: Cambridge University Press. 27 Introduction Solow, Robert M. 1957. Technical change and the aggregate production function. Review of Economics and Statistics 39 (August):312-20. Tornqvist, L. 1936. The Bank of Finland’s consumption price index.

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