Development Accounting: Conceptually Flawed and Inconsistent with Empirical Evidence
| dc.contributor.author | Breton, Theodore R. | |
| dc.contributor.eafitauthor | ted.breton@gmail.com | |
| dc.coverage.spatial | 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 | eng |
| dc.date.accessioned | 2014-08-28T21:15:28Z | |
| dc.date.available | 2014-08-28T21:15:28Z | |
| dc.date.issued | 2014-08-20 | |
| dc.description.abstract | 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. | eng |
| dc.identifier.jel | E13 | |
| dc.identifier.jel | O11 | |
| dc.identifier.jel | O47 | |
| dc.identifier.uri | http://hdl.handle.net/10784/2952 | |
| dc.language.iso | eng | eng |
| dc.publisher | Universidad EAFIT | spa |
| dc.publisher.department | Escuela de Economía y Finanzas | spa |
| dc.rights.accessrights | info:eu-repo/semantics/openAccess | eng |
| dc.rights.local | Acceso abierto | spa |
| dc.subject.keyword | Development Accounting | eng |
| dc.subject.keyword | Human Capital | eng |
| dc.subject.keyword | External Effects | eng |
| dc.title | Development Accounting: Conceptually Flawed and Inconsistent with Empirical Evidence | eng |
| dc.type | workingPaper | eng |
| dc.type | info:eu-repo/semantics/workingPaper | eng |
| dc.type.hasVersion | draft | eng |
| dc.type.local | Documento de trabajo de investigación | spa |
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