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Taxes and the revaluation of household wealth
- Edward N. Wolff
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- Journal:
- Journal of Pension Economics & Finance / Volume 21 / Issue 4 / October 2022
- Published online by Cambridge University Press:
- 26 May 2021, pp. 537-564
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I compare pre-tax and post-tax wealth levels and trends after netting out implicit taxes on tax-deferred assets and accrued capital gains. The analysis covers 1983–2016 for net worth (NW) and augmented wealth (AW), which includes pension and Social Security wealth. Netting out implicit taxes substantially reduces growth in mean and median NW and AW. However, the upward trajectory in NW and AW inequality is basically unchanged from using post-tax values. I also introduce bequest wealth, the value of the estate including death benefits. It is notably more equal than NW and has grown faster over time.
3 - The Measurement and Estimation of Productivity Growth
- Edward N. Wolff, New York University
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- Productivity Convergence
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- 05 June 2014
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- 16 December 2013, pp 70-123
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Summary
Introduction
In the last chapter I presented an overview of modern growth theory and touched on some measurement and econometric issues. It is now helpful to provide technical details on both the measurement and the estimation of productivity growth, particularly total factor productivity (TFP) growth. In this chapter, I present the theoretical foundation for much of the empirical literature dealing with issues of productivity measurement.
As Erwin Diewert emphasized in a number of papers, TFP is a production function–based concept (see, for example, Diewert, 1976). Although all researchers would agree that productivity growth has occurred if a firm is able to produce more output from the same vector of inputs, the quantitative estimate of the magnitude of TFP growth depends on how each researcher chooses to measure it. There are several different ways to measure TFP – empirically based index numbers, econometric methods, stochastic frontier methods, and data envelopment analysis (DEA). It is important to address this issue, as well as many other important theoretical issues associated with defining and measuring productivity change. For instance, an uncritical reader might get the mistaken impression that there is such a thing as an industry-level or country-level production function and that it has the Cobb-Douglas functional form, because almost all empirical work in this literature uses this functional form.
2 - An Overview of Modern Growth Theory
- Edward N. Wolff, New York University
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- Productivity Convergence
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- 16 December 2013, pp 42-69
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Summary
Introduction
This chapter provides an overview of both the methodological and theoretical foundations for modern growth theory. This chapter lays the foundations for an understanding of the basic issues underlying the vast majority of empirical studies on convergence. A technical discussion of issues in productivity measurement is reserved for Chapter 3.
This chapter begins (in Section 2.2) with an introduction to production function theory and growth accounting. Section 2.3 introduces research and development (R&D) into the production function. It also briefly discusses R&D spillovers. There have been two main approaches to measuring R&D spillovers. One approach is to view R&D spillovers as the direct knowledge gains of customers from the R&D of the supplying industry. R&D spillovers are then typically measured on the basis of interindustry sales between producers and customers. An alternative approach is to measure R&D spillovers on the basis of the “technological closeness” between industries.
In Section 2.4, I present an alternative view of the process of technological change that develops from the work of Schumpeter (1950) and evolutionary biology. The central idea is that new technology originates from a search process occurring in the neighborhood of existing technology. A related view can be found in the “technology gap” literature, which emphasizes innovativeness as the basis for technological change and growth. Feedback effects also play a crucial role in maintaining technological advantage.
Contents
- Edward N. Wolff, New York University
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- Productivity Convergence
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- 05 June 2014
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- 16 December 2013, pp vii-x
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Index
- Edward N. Wolff, New York University
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- Productivity Convergence
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- 16 December 2013, pp 493-524
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Frontmatter
- Edward N. Wolff, New York University
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- Productivity Convergence
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- 16 December 2013, pp i-vi
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Acknowledgments
- Edward N. Wolff, New York University
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- Productivity Convergence
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- 16 December 2013, pp xi-xii
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7 - Productivity Performance on the Industry Level among the Advanced Industrial Countries
- Edward N. Wolff, New York University
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- Productivity Convergence
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- 16 December 2013, pp 269-312
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Summary
Sectoral Level Performance and Comparative Advantage
Chapter 5 established that the aggregate productivity levels of advanced economies converged on the leader, the United States, from about 1950 through 1980. The question remained, however, What was the source of this aggregate convergence? In Section 7.2 we examine the extent to which labor productivity at the industry level converged among OECD economies. We also examine the role of changes in employment mix. In Section 7.3 we consider the role of technological gains and capital formation in labor productivity growth. Section 7.4 surveys the more recent literature on this subject, including Bernard and Jones (1996a, 1996b), among others. Concluding remarks are provided in Section 7.5.
Some industries produce more value added per worker than others, owing to the use of large amounts of capital or skilled labor or of advanced technology. It is possible for countries to have the same labor productivity at the industry level but nevertheless to have different levels of aggregate productivity because one economy’s employment mix is shifted toward the high value– added sectors. One of the leading models of international trade, the Heckscher-Ohlin model, predicts that this will be the case among fairly similar countries, such as those in the OECD. Thus aggregate convergence can result from labor productivity converging at the industry level and/or from employment mixes becoming more similar.
9 - Postwar Economic Performance among Countries of the World
- Edward N. Wolff, New York University
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- Productivity Convergence
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- 16 December 2013, pp 341-429
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Summary
Introduction
The term “aggregate convergence” refers to the gradual diminution of differences in productivity levels for the overall economy of countries over time. Previous explanations of the productivity catch-up almost all involve the advantages of backwardness or Gerschenkron effect, by which it is meant that much of the catch-up can be explained by the diffusion of technical knowledge from the leading economies to the more backward ones (see Gerschenkron, 1952, and Kuznets, 1973, for example). From this view, technological progress operates through a mechanism that enables countries whose level of productivity is behind (but not too far behind) that of the leading country(ies) to catch up. Through the constant transfer of knowledge, countries learn about the latest technology from each another, but virtually by definition the followers have more to learn from the leaders than the leaders have to learn from the laggards. On the other hand, those countries that are so far behind the leaders that it is impractical for them to profit substantially from the leaders’ knowledge will generally not be able to participate in the convergence process at all, and many such economies will find themselves falling even further behind.
The most important influence underlying this process is the transfer of technology that occurs constantly among many of the world’s economies. There is strong evidence that advanced industrial countries continuously acquire technical ideas from each other. Competitive pressures in the international economy ensure rapid dissemination of superior productive techniques from one country to another. However, in the process of reciprocal exchange of ideas, clearly it is the more backward countries that have more to learn from the leaders than the reverse. That is the heart of the explanation of a convergence process.
Productivity Convergence
- Theory and Evidence
- Edward N. Wolff
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A vast new literature on the sources of economic growth has now accumulated. This book critically reviews the most significant works in this field and summarizes what is known today about the sources of economic growth. The first part discusses the most important theoretical models that have been used in modern growth theory as well as methodological issues in productivity measurement. The second part examines the long-term record on productivity among Organization for Economic Co-operation and Development (OECD) countries, considers the sources of growth among them with particular attention to the role of education, investigates convergence at the industry level among them, and examines the productivity slowdown of the 1970s. The third part looks at the sources of growth among non-OECD countries. Each chapter emphasizes the factors that appear to be most important in explaining growth performance.
10 - Recapitulation and Future Prospects for Growth
- Edward N. Wolff, New York University
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- Productivity Convergence
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- 16 December 2013, pp 430-464
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Summary
Introduction
In this chapter I summarize the major findings of the book and speculate on “lessons to be learned” and future prospects for growth around the world. I first review the basic results on convergence around the world and among OECD countries in particular both over the long term and over the postwar period (Section 10.2). In the next two sections I summarize the evidence on the factors that have been found to play a role in the convergence process. I divide the myriad factors into two groups. The first of these, what I have called “strong forces,” are discussed in Section 10.3. These include the catch-up effect (the initial productivity level), capital formation, education, R&D and technological spillovers, and basic social and political institutional factors. These factors explain the vast majority of the variation in the growth rates of GDP per capita or productivity (by some estimates as much as 90 percent).
The second set of factors, which I have termed “weak forces,” is discussed in Section 10.4. These comprise almost all the other variables used in the analysis of convergence. These include international trade and FDI, the role of democracy and political institutions, inequality, financial development, geography and resource availability, regulation, structural change, and foreign aid. These factors collectively might account for another 5 percent of the variation in the growth rates of GDP per capita or productivity. One odd feature of the research in this area is that there seems to be an inverse relation between the amount of work done on a subject (inequality, for example) and its importance as a determinant of growth.
8 - The Productivity Slowdown
- Edward N. Wolff, New York University
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- Productivity Convergence
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- 16 December 2013, pp 313-340
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Summary
The Earlier Literature on the Productivity Slowdown
The slowdown in the rate of productivity growth that occurred from about 1965 to 1979 in the United States spawned a considerable literature and was also a major focus of policy debate. Because of its enormous implications for the improvement of per capita well-being, a whole host of possible causes were diagnosed and a corresponding menu of remedies proposed. It should be noted at the outset there were wide differences of opinion both on the identity of the relevant factors and on their likely quantitative importance.
A few words should be said at this point about some of the causes of the productivity slowdown of the 1965–79 period. The main candidates, in the case of the United States, have included the following five factors: (1) slowdown in the rate of capital formation, (2) changes in the composition of the labor force, (3) energy price shocks, (4) declines in R&D spending (and/or the productivity of R&D), and (5) changes in the composition of output (mainly, the shift to services).
The next part of this chapter (Section 8.2) considers some measurement issues involved in the definition of productivity since this is germane to understanding some of the differences between the various studies. Section 8.3 presents estimates of the magnitude of the productivity slowdown both for the economy as a whole and for individual industrial sectors. Section 8.4 surveys much of the earlier literature on the subject. Section 8.5 considers more recent literature. Section 8.6 evaluates the relative merits of the arguments on the causes of the productivity slowdown put forth in the early literature on the subject and presents an evaluation of the later literature in light of the earlier research.
4 - Long-Term Record among the Advanced Industrial Countries
- Edward N. Wolff, New York University
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- Productivity Convergence
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- 16 December 2013, pp 124-168
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Summary
Introduction
Explanations of the productivity catch-up almost all involve so-called advantages of backwardness, a term first coined by Gerschenkron (1952). The basic idea is that much of the catch-up can be explained by the diffusion of technical knowledge from the leading economies to the more backward ones (also, see Kuznets, 1973). Through the constant transfer of new technology, leader countries and those most closely in their van learn the latest productive techniques from one another, but virtually by definition the follower countries have more to learn from the leaders than the leaders have to learn from them (hence the advantages of backwardness).
This mechanism has two implications: First, it means that those countries that lag somewhat behind the leaders can be expected systematically to move toward the level of achievement of the leaders. Second, the mechanism undermines itself automatically as follower countries gradually eliminate the difference between their own performance and that of the countries that were ahead of them – that is, the very fact of convergence means that the differential learning opportunities that are the source of these advantages of (slight) backwardness will exhaust themselves. On an analytical level, this hypothesis would imply faster productivity growth for the (initially) more backward economies relative to the more advanced ones, but the gap in productivity performance would gradually diminish over time as convergence was achieved.
1 - Introduction
- Edward N. Wolff, New York University
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- Productivity Convergence
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- 16 December 2013, pp 1-41
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Summary
Scope of the Book
Over the past three decades there has accumulated a vast new literature on the sources of economic growth. Indeed, these studies have now formed the basis of what is referred to as the “new growth theory.” The purpose of this book is to review critically the most significant works in this field and to summarize what is today known about the sources of economic growth. Where appropriate, I will add my own empirical analyses as well as update some of my previous work on the subject.
The book will first discuss methodological issues as well as the most important theoretical models that have been used in modern growth theory (Chapter 2). Chapter 3 summarizes some of the most important papers on methodological issues in the measurement of productivity. The next four parts will survey the empirical literature on the subject. This literature can be most conveniently divided into six groups. The first of these examines the long-term historical record of productivity growth among OECD countries (that is, the advanced industrial countries) (Chapter 4). The second considers the sources of growth among OECD countries over the postwar (that is, post–World War II) period (Chapter 5). The third of these focuses more closely on the role of education in the growth process among OECD countries (Chapter 6). The fourth looks at the pattern of growth and convergence at the industry level among OECD countries (Chapter 7). The next takes a slight digression to look into the source of the productivity slowdown of the 1970s in the United States (Chapter 8). The next part conducts an analysis similar to that of Chapter 5 of the sources of growth among newly industrialized countries (NICs), middle-income countries, and less developed countries or LDCs (Chapter 9). In each chapter, the emphasis will be to isolate those factors that appear to be most important in explaining their performance. The last chapter of the book, Chapter 10, will recap the findings of the previous chapters.
6 - Further Details on the Role of Education and Technology in the Productivity Performance among the Advanced Industrial Countries
- Edward N. Wolff, New York University
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- Productivity Convergence
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- 16 December 2013, pp 217-268
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Summary
The Role of Education
There are three paradigms that appear to dominate current discussions of the role of education in economic growth. The first has stemmed from human capital theory. The second could be classified as a catch-up model. And the third important approach has stressed the interactions between education and technological innovation and change.
The Human Capital Approach
Human capital theory views schooling as an investment in skills and hence as a way of augmenting worker productivity (see, for example, Schultz 1960, 1961, and 1971; and Becker, 1975). This line of reasoning leads to growth accounting models in which productivity or output growth is derived as a function of the change in educational attainment.
The early studies on this subject showed very powerful effects of educational change on economic growth. Griliches (1970) estimated that the increased educational attainment of the U.S. labor force accounted for one-third of the Solow residual, the portion of the growth of output that could not be attributed to the growth in (unadjusted) labor hours or capital stock, between 1940 and 1967. Denison (1979b) estimated that about one-fifth of the growth in U.S. national income per person employed between 1948 and 1973 could be attributed to increases in educational levels of the labor force. Jorgenson and Fraumeni (1993) calculated that improvements in labor quality accounted for one-fourth of U.S. economic growth between 1948 and 1986. Maddison (1987), in a growth accounting study of six OECD countries covering the years 1913 to 1984, generally found that increases in educational attainment explained a significant proportion of productivity growth, though the contributions varied by country and subperiod.
Bibliography
- Edward N. Wolff, New York University
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- Productivity Convergence
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- 16 December 2013, pp 465-492
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5 - Postwar Record on Productivity Performance on the Aggregate Level among the Advanced Industrial Countries
- Edward N. Wolff, New York University
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- Productivity Convergence
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- 16 December 2013, pp 169-216
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Summary
Introduction
The term “aggregate convergence” refers to the gradual diminution of differences in productivity levels for the overall economy of countries over time. Explanations of the productivity catch-up almost all involve the so-called advantages of backwardness or Gerschenkron effect, by which it is meant that much of the catch-up can be explained by the diffusion of technical knowledge from the leading economies to the more backward ones (see Gerschenkron, 1952, and Kuznets, 1973, for example). From this view, technological progress operates through a mechanism that enables countries whose level of productivity is behind (but not too far behind) that of the leading country(ies) to catch up. Through the constant transfer of knowledge, countries learn about the latest technology from one another, but virtually by definition the followers have more to learn from the leaders than the leaders have to learn from the laggards. On the other hand, those countries that are so far behind the leaders that it is impractical for them to profit substantially from the leaders’ knowledge will generally not be able to participate in the convergence process at all, and many such economies will find themselves falling even further behind.
Two noted papers looked at the process of conditional convergence – Barro (1991), and Mankiw, Romer, and Weil (1992). Like Baumol, Blackman, and Wolff (1989), the authors considered a wide range of factors, including investment, education, trade, government spending, and political structure. They found that the investment rate (the ratio of investment to GDP) had a positive and significant effect on the rate of growth of GDP per capita among countries at all levels of development. Another critical factor was education. The two studies showed that the quantity of education provided by an economy to its inhabitants (as measured by school enrollment rates) was another major influence determining the rate of growth of per capita income among a wide range of countries.
Contributors
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- By Rose Teteki Abbey, K. C. Abraham, David Tuesday Adamo, LeRoy H. Aden, Efrain Agosto, Victor Aguilan, Gillian T. W. Ahlgren, Charanjit Kaur AjitSingh, Dorothy B E A Akoto, Giuseppe Alberigo, Daniel E. Albrecht, Ruth Albrecht, Daniel O. Aleshire, Urs Altermatt, Anand Amaladass, Michael Amaladoss, James N. Amanze, Lesley G. Anderson, Thomas C. Anderson, Victor Anderson, Hope S. Antone, María Pilar Aquino, Paula Arai, Victorio Araya Guillén, S. Wesley Ariarajah, Ellen T. Armour, Brett Gregory Armstrong, Atsuhiro Asano, Naim Stifan Ateek, Mahmoud Ayoub, John Alembillah Azumah, Mercedes L. García Bachmann, Irena Backus, J. Wayne Baker, Mieke Bal, Lewis V. Baldwin, William Barbieri, António Barbosa da Silva, David Basinger, Bolaji Olukemi Bateye, Oswald Bayer, Daniel H. Bays, Rosalie Beck, Nancy Elizabeth Bedford, Guy-Thomas Bedouelle, Chorbishop Seely Beggiani, Wolfgang Behringer, Christopher M. Bellitto, Byard Bennett, Harold V. Bennett, Teresa Berger, Miguel A. Bernad, Henley Bernard, Alan E. Bernstein, Jon L. Berquist, Johannes Beutler, Ana María Bidegain, Matthew P. Binkewicz, Jennifer Bird, Joseph Blenkinsopp, Dmytro Bondarenko, Paulo Bonfatti, Riet en Pim Bons-Storm, Jessica A. Boon, Marcus J. Borg, Mark Bosco, Peter C. Bouteneff, François Bovon, William D. Bowman, Paul S. Boyer, David Brakke, Richard E. Brantley, Marcus Braybrooke, Ian Breward, Ênio José da Costa Brito, Jewel Spears Brooker, Johannes Brosseder, Nicholas Canfield Read Brown, Robert F. Brown, Pamela K. Brubaker, Walter Brueggemann, Bishop Colin O. Buchanan, Stanley M. Burgess, Amy Nelson Burnett, J. Patout Burns, David B. Burrell, David Buttrick, James P. Byrd, Lavinia Byrne, Gerado Caetano, Marcos Caldas, Alkiviadis Calivas, William J. Callahan, Salvatore Calomino, Euan K. Cameron, William S. Campbell, Marcelo Ayres Camurça, Daniel F. Caner, Paul E. Capetz, Carlos F. Cardoza-Orlandi, Patrick W. Carey, Barbara Carvill, Hal Cauthron, Subhadra Mitra Channa, Mark D. Chapman, James H. Charlesworth, Kenneth R. Chase, Chen Zemin, Luciano Chianeque, Philip Chia Phin Yin, Francisca H. Chimhanda, Daniel Chiquete, John T. Chirban, Soobin Choi, Robert Choquette, Mita Choudhury, Gerald Christianson, John Chryssavgis, Sejong Chun, Esther Chung-Kim, Charles M. A. Clark, Elizabeth A. Clark, Sathianathan Clarke, Fred Cloud, John B. Cobb, W. Owen Cole, John A Coleman, John J. Collins, Sylvia Collins-Mayo, Paul K. Conkin, Beth A. Conklin, Sean Connolly, Demetrios J. Constantelos, Michael A. Conway, Paula M. Cooey, Austin Cooper, Michael L. Cooper-White, Pamela Cooper-White, L. William Countryman, Sérgio Coutinho, Pamela Couture, Shannon Craigo-Snell, James L. Crenshaw, David Crowner, Humberto Horacio Cucchetti, Lawrence S. Cunningham, Elizabeth Mason Currier, Emmanuel Cutrone, Mary L. Daniel, David D. Daniels, Robert Darden, Rolf Darge, Isaiah Dau, Jeffry C. Davis, Jane Dawson, Valentin Dedji, John W. de Gruchy, Paul DeHart, Wendy J. Deichmann Edwards, Miguel A. De La Torre, George E. Demacopoulos, Thomas de Mayo, Leah DeVun, Beatriz de Vasconcellos Dias, Dennis C. Dickerson, John M. Dillon, Luis Miguel Donatello, Igor Dorfmann-Lazarev, Susanna Drake, Jonathan A. Draper, N. Dreher Martin, Otto Dreydoppel, Angelyn Dries, A. J. Droge, Francis X. D'Sa, Marilyn Dunn, Nicole Wilkinson Duran, Rifaat Ebied, Mark J. Edwards, William H. Edwards, Leonard H. Ehrlich, Nancy L. Eiesland, Martin Elbel, J. Harold Ellens, Stephen Ellingson, Marvin M. Ellison, Robert Ellsberg, Jean Bethke Elshtain, Eldon Jay Epp, Peter C. Erb, Tassilo Erhardt, Maria Erling, Noel Leo Erskine, Gillian R. Evans, Virginia Fabella, Michael A. Fahey, Edward Farley, Margaret A. Farley, Wendy Farley, Robert Fastiggi, Seena Fazel, Duncan S. Ferguson, Helwar Figueroa, Paul Corby Finney, Kyriaki Karidoyanes FitzGerald, Thomas E. FitzGerald, John R. Fitzmier, Marie Therese Flanagan, Sabina Flanagan, Claude Flipo, Ronald B. Flowers, Carole Fontaine, David Ford, Mary Ford, Stephanie A. Ford, Jim Forest, William Franke, Robert M. Franklin, Ruth Franzén, Edward H. Friedman, Samuel Frouisou, Lorelei F. Fuchs, Jojo M. Fung, Inger Furseth, Richard R. Gaillardetz, Brandon Gallaher, China Galland, Mark Galli, Ismael García, Tharscisse Gatwa, Jean-Marie Gaudeul, Luis María Gavilanes del Castillo, Pavel L. Gavrilyuk, Volney P. Gay, Metropolitan Athanasios Geevargis, Kondothra M. George, Mary Gerhart, Simon Gikandi, Maurice Gilbert, Michael J. Gillgannon, Verónica Giménez Beliveau, Terryl Givens, Beth Glazier-McDonald, Philip Gleason, Menghun Goh, Brian Golding, Bishop Hilario M. Gomez, Michelle A. Gonzalez, Donald K. Gorrell, Roy Gottfried, Tamara Grdzelidze, Joel B. Green, Niels Henrik Gregersen, Cristina Grenholm, Herbert Griffiths, Eric W. Gritsch, Erich S. Gruen, Christoffer H. Grundmann, Paul H. Gundani, Jon P. Gunnemann, Petre Guran, Vidar L. Haanes, Jeremiah M. Hackett, Getatchew Haile, Douglas John Hall, Nicholas Hammond, Daphne Hampson, Jehu J. Hanciles, Barry Hankins, Jennifer Haraguchi, Stanley S. Harakas, Anthony John Harding, Conrad L. Harkins, J. William Harmless, Marjory Harper, Amir Harrak, Joel F. Harrington, Mark W. Harris, Susan Ashbrook Harvey, Van A. Harvey, R. Chris Hassel, Jione Havea, Daniel Hawk, Diana L. Hayes, Leslie Hayes, Priscilla Hayner, S. Mark Heim, Simo Heininen, Richard P. Heitzenrater, Eila Helander, David Hempton, Scott H. Hendrix, Jan-Olav Henriksen, Gina Hens-Piazza, Carter Heyward, Nicholas J. Higham, David Hilliard, Norman A. Hjelm, Peter C. Hodgson, Arthur Holder, M. Jan Holton, Dwight N. Hopkins, Ronnie Po-chia Hsia, Po-Ho Huang, James Hudnut-Beumler, Jennifer S. Hughes, Leonard M. Hummel, Mary E. Hunt, Laennec Hurbon, Mark Hutchinson, Susan E. Hylen, Mary Beth Ingham, H. Larry Ingle, Dale T. Irvin, Jon Isaak, Paul John Isaak, Ada María Isasi-Díaz, Hans Raun Iversen, Margaret C. Jacob, Arthur James, Maria Jansdotter-Samuelsson, David Jasper, Werner G. Jeanrond, Renée Jeffery, David Lyle Jeffrey, Theodore W. Jennings, David H. Jensen, Robin Margaret Jensen, David Jobling, Dale A. Johnson, Elizabeth A. Johnson, Maxwell E. Johnson, Sarah Johnson, Mark D. Johnston, F. Stanley Jones, James William Jones, John R. Jones, Alissa Jones Nelson, Inge Jonsson, Jan Joosten, Elizabeth Judd, Mulambya Peggy Kabonde, Robert Kaggwa, Sylvester Kahakwa, Isaac Kalimi, Ogbu U. Kalu, Eunice Kamaara, Wayne C. Kannaday, Musimbi Kanyoro, Veli-Matti Kärkkäinen, Frank Kaufmann, Léon Nguapitshi Kayongo, Richard Kearney, Alice A. Keefe, Ralph Keen, Catherine Keller, Anthony J. Kelly, Karen Kennelly, Kathi Lynn Kern, Fergus Kerr, Edward Kessler, George Kilcourse, Heup Young Kim, Kim Sung-Hae, Kim Yong-Bock, Kim Yung Suk, Richard King, Thomas M. King, Robert M. Kingdon, Ross Kinsler, Hans G. Kippenberg, Cheryl A. Kirk-Duggan, Clifton Kirkpatrick, Leonid Kishkovsky, Nadieszda Kizenko, Jeffrey Klaiber, Hans-Josef Klauck, Sidney Knight, Samuel Kobia, Robert Kolb, Karla Ann Koll, Heikki Kotila, Donald Kraybill, Philip D. W. Krey, Yves Krumenacker, Jeffrey Kah-Jin Kuan, Simanga R. Kumalo, Peter Kuzmic, Simon Shui-Man Kwan, Kwok Pui-lan, André LaCocque, Stephen E. Lahey, John Tsz Pang Lai, Emiel Lamberts, Armando Lampe, Craig Lampe, Beverly J. Lanzetta, Eve LaPlante, Lizette Larson-Miller, Ariel Bybee Laughton, Leonard Lawlor, Bentley Layton, Robin A. Leaver, Karen Lebacqz, Archie Chi Chung Lee, Marilyn J. Legge, Hervé LeGrand, D. L. LeMahieu, Raymond Lemieux, Bill J. Leonard, Ellen M. Leonard, Outi Leppä, Jean Lesaulnier, Nantawan Boonprasat Lewis, Henrietta Leyser, Alexei Lidov, Bernard Lightman, Paul Chang-Ha Lim, Carter Lindberg, Mark R. Lindsay, James R. Linville, James C. Livingston, Ann Loades, David Loades, Jean-Claude Loba-Mkole, Lo Lung Kwong, Wati Longchar, Eleazar López, David W. Lotz, Andrew Louth, Robin W. Lovin, William Luis, Frank D. Macchia, Diarmaid N. J. MacCulloch, Kirk R. MacGregor, Marjory A. MacLean, Donald MacLeod, Tomas S. Maddela, Inge Mager, Laurenti Magesa, David G. Maillu, Fortunato Mallimaci, Philip Mamalakis, Kä Mana, Ukachukwu Chris Manus, Herbert Robinson Marbury, Reuel Norman Marigza, Jacqueline Mariña, Antti Marjanen, Luiz C. L. Marques, Madipoane Masenya (ngwan'a Mphahlele), Caleb J. D. Maskell, Steve Mason, Thomas Massaro, Fernando Matamoros Ponce, András Máté-Tóth, Odair Pedroso Mateus, Dinis Matsolo, Fumitaka Matsuoka, John D'Arcy May, Yelena Mazour-Matusevich, Theodore Mbazumutima, John S. McClure, Christian McConnell, Lee Martin McDonald, Gary B. McGee, Thomas McGowan, Alister E. McGrath, Richard J. McGregor, John A. McGuckin, Maud Burnett McInerney, Elsie Anne McKee, Mary B. McKinley, James F. McMillan, Ernan McMullin, Kathleen E. McVey, M. 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Yee, Viktor Yelensky, Yeo Khiok-Khng, Gustav K. K. Yeung, Angela Yiu, Amos Yong, Yong Ting Jin, You Bin, Youhanna Nessim Youssef, Eliana Yunes, Robert Michael Zaller, Valarie H. Ziegler, Barbara Brown Zikmund, Joyce Ann Zimmerman, Aurora Zlotnik, Zhuo Xinping
- Edited by Daniel Patte, Vanderbilt University, Tennessee
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- Book:
- The Cambridge Dictionary of Christianity
- Published online:
- 05 August 2012
- Print publication:
- 20 September 2010, pp xi-xliv
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11 - What has happened to the Leontief Paradox?
- Edited by Erik Dietzenbacher, Rijksuniversiteit Groningen, The Netherlands, Michael L. Lahr, Rutgers University, New Jersey
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- Book:
- Wassily Leontief and Input-Output Economics
- Published online:
- 22 September 2009
- Print publication:
- 25 March 2004, pp 166-187
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Summary
Introduction
Standard trade theory predicts that a country will export products that intensively use endowments in which a country is favored relative to the other countries and will import products that are intensive in endowments scarce in that country. It was generally believed, for example, that the United States exported capital-intensive goods and imported laborintensive ones, but empirical work showed that US exports tended to be human-capital intensive and imports capital intensive – the so-called “Leontief Paradox.”
In this paper, I investigate the Leontief Paradox in the United States for the period from 1947 to 1996. Does the Leontief Paradox continue to hold? Does it hold when we consider only equipment and machinery, and, in particular, only office and computing equipment?
A related issue regards the R&D intensity of US trade. During the 1960s and 1970s the major export strength of the United States lay in industries where research was heavily subsidized by the US government (particularly the Department of Defense), including aircraft, armaments, mainframe computers, and medical equipment (Dollar and Wolff, 1993). Is it still the case?
This paper presents statistics on the capital content of both US exports and imports from 1947 to 1996. It also contains a discussion of the relative labor costs and productivity performance of US exports and imports. Both the direct and indirect content of trade are then computed using input-output data.
THE STAGNATING FORTUNES OF THE MIDDLE CLASS
- Edward N. Wolff
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- Journal:
- Social Philosophy and Policy / Volume 19 / Issue 1 / January 2002
- Published online by Cambridge University Press:
- 16 August 2002, pp. 55-83
- Print publication:
- January 2002
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The media is aglow with reports of the booming economy and rising prosperity in the United States since the early 1990s. Indeed, the run-up in stock prices between 1995 and the end of 1999 has created the impression that all families are doing well in terms of income and wealth. This, however, is certainly not the case. As I shall demonstrate, most American families have seen their level of well-being stagnate over the last quarter-century.