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One of the great pleasures of belonging to the author's generation of economists is that they were able to witness the birth and the subsequent evolution of the modern approach to the analysis of economic growth. The centerpiece of that approach is probably growth accounting, but they should ne...
One of the great pleasures of belonging to the author's generation of economists is that they were able to witness the birth and the subsequent evolution of the modern approach to the analysis of economic growth. The centerpiece of that approach is probably growth accounting, but they should never forget that growth accounting is firmly rooted in economic theory. The author's way of telling the story goes like this: Many, maybe even most, economists expected that increments of output would be explained by increments of inputs, but when they took their best shot they found that traditional inputs typically fell far short of explaining the observed output growth. Their best shot consisted in attributing to each factor a marginal product measured by its economic reward.
