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dc.coverage.spatialMedellín de: Lat: 06 15 00 N degrees minutes Lat: 6.2500 decimal degrees Long: 075 36 00 W degrees minutes Long: -75.6000 decimal degreeseng
dc.date.available2014-08-28T21:15:28Z
dc.date.issued2014-08-20
dc.identifier.urihttp://hdl.handle.net/10784/2952
dc.description.abstractDevelopment 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.eng
dc.language.isoengeng
dc.publisherUniversidad EAFITspa
dc.titleDevelopment Accounting: Conceptually Flawed and Inconsistent with Empirical Evidenceeng
dc.typeinfo:eu-repo/semantics/workingPaper
dc.typeworkingPapereng
dc.rights.accessrightsinfo:eu-repo/semantics/openAccesseng
dc.publisher.departmentEscuela de Economía y Finanzasspa
dc.type.localDocumento de trabajo de investigaciónspa
dc.subject.keywordDevelopment Accountingeng
dc.subject.keywordHuman Capitaleng
dc.subject.keywordExternal Effectseng
dc.rights.localAcceso abiertospa
dc.date.accessioned2014-08-28T21:15:28Z
dc.type.hasVersiondrafteng
dc.identifier.jelE13
dc.identifier.jelO11
dc.identifier.jelO47
dc.contributor.authorBreton, Theodore R.spa


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