Development Accounting: Conceptually Flawed and Inconsistent with Empirical Evidence
Development accounting depends on two simplifying assumptions, that economies can be represented by a common aggregate production function and that aggregate factors of production are paid their social marginal products. An aggregate production function can explain income across countries, but the m...
- Autores:
-
Breton, Theodore R.
- Tipo de recurso:
- Fecha de publicación:
- 2014
- Institución:
- Universidad EAFIT
- Repositorio:
- Repositorio EAFIT
- Idioma:
- eng
- OAI Identifier:
- oai:repository.eafit.edu.co:10784/2952
- Acceso en línea:
- http://hdl.handle.net/10784/2952
- Palabra clave:
- Development Accounting
Human Capital
External Effects
- Rights
- License
- Acceso abierto
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| dc.title.eng.fl_str_mv |
Development Accounting: Conceptually Flawed and Inconsistent with Empirical Evidence |
| title |
Development Accounting: Conceptually Flawed and Inconsistent with Empirical Evidence |
| spellingShingle |
Development Accounting: Conceptually Flawed and Inconsistent with Empirical Evidence Development Accounting Human Capital External Effects |
| title_short |
Development Accounting: Conceptually Flawed and Inconsistent with Empirical Evidence |
| title_full |
Development Accounting: Conceptually Flawed and Inconsistent with Empirical Evidence |
| title_fullStr |
Development Accounting: Conceptually Flawed and Inconsistent with Empirical Evidence |
| title_full_unstemmed |
Development Accounting: Conceptually Flawed and Inconsistent with Empirical Evidence |
| title_sort |
Development Accounting: Conceptually Flawed and Inconsistent with Empirical Evidence |
| dc.creator.fl_str_mv |
Breton, Theodore R. |
| dc.contributor.eafitauthor.none.fl_str_mv |
ted.breton@gmail.com |
| dc.contributor.author.none.fl_str_mv |
Breton, Theodore R. |
| dc.subject.keyword.eng.fl_str_mv |
Development Accounting Human Capital External Effects |
| topic |
Development Accounting Human Capital External Effects |
| description |
Development accounting depends on two simplifying assumptions, that economies can be represented by a common aggregate production function and that aggregate factors of production are paid their social marginal products. An aggregate production function can explain income across countries, but the mathematics of the aggregate production function and the empirical evidence both indicate that aggregate factors are paid a small fraction of their social marginal products. As a consequence, development accounting underestimates the income differences due to human capital and overestimates the differences due to TFP. This error cannot be corrected because human capital’s social marginal product is not observable. |
| publishDate |
2014 |
| dc.date.available.none.fl_str_mv |
2014-08-28T21:15:28Z |
| dc.date.issued.none.fl_str_mv |
2014-08-20 |
| dc.date.accessioned.none.fl_str_mv |
2014-08-28T21:15:28Z |
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workingPaper info:eu-repo/semantics/workingPaper |
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http://purl.org/coar/version/c_b1a7d7d4d402bcce |
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http://purl.org/coar/resource_type/c_8042 |
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Documento de trabajo de investigación |
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draft |
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http://hdl.handle.net/10784/2952 |
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E13 O11 O47 |
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http://hdl.handle.net/10784/2952 |
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eng |
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eng |
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Acceso abierto |
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Acceso abierto http://purl.org/coar/access_right/c_abf2 |
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Medellín de: Lat: 06 15 00 N degrees minutes Lat: 6.2500 decimal degrees Long: 075 36 00 W degrees minutes Long: -75.6000 decimal degrees |
| dc.publisher.spa.fl_str_mv |
Universidad EAFIT |
| dc.publisher.department.spa.fl_str_mv |
Escuela de Economía y Finanzas |
| institution |
Universidad EAFIT |
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Medellín de: Lat: 06 15 00 N degrees minutes Lat: 6.2500 decimal degrees Long: 075 36 00 W degrees minutes Long: -75.6000 decimal degrees2014-08-28T21:15:28Z2014-08-202014-08-28T21:15:28Zhttp://hdl.handle.net/10784/2952E13O11O47Development accounting depends on two simplifying assumptions, that economies can be represented by a common aggregate production function and that aggregate factors of production are paid their social marginal products. An aggregate production function can explain income across countries, but the mathematics of the aggregate production function and the empirical evidence both indicate that aggregate factors are paid a small fraction of their social marginal products. As a consequence, development accounting underestimates the income differences due to human capital and overestimates the differences due to TFP. This error cannot be corrected because human capital’s social marginal product is not observable.engUniversidad EAFITEscuela de Economía y FinanzasDevelopment Accounting: Conceptually Flawed and Inconsistent with Empirical EvidenceworkingPaperinfo:eu-repo/semantics/workingPaperDocumento de trabajo de investigacióndrafthttp://purl.org/coar/version/c_b1a7d7d4d402bccehttp://purl.org/coar/resource_type/c_8042Acceso abiertohttp://purl.org/coar/access_right/c_abf2Development AccountingHuman CapitalExternal Effectsted.breton@gmail.comBreton, Theodore R.ORIGINAL2014_18_Theodore_Breton.pdf2014_18_Theodore_Breton.pdfapplication/pdf1415890https://repository.eafit.edu.co/bitstreams/34ffec69-2190-4b1c-a5ee-1c2d3230a323/download580e440e856a1f8c7a59e804a127a7e3MD51LICENSElicense.txtlicense.txttext/plain; charset=utf-82718https://repository.eafit.edu.co/bitstreams/c379a9a0-2f51-4f8c-98f9-5ece48e5e5da/download8b2b1344d55c9cfe429c4939b65f59a6MD5210784/2952oai:repository.eafit.edu.co:10784/29522024-03-05 14:06:33.471open.accesshttps://repository.eafit.edu.coRepositorio Institucional Universidad EAFITrepositorio@eafit.edu.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 |