Cover: R&D, Education, and Productivity: A Retrospective, from Harvard University PressCover: R&D, Education, and Productivity in HARDCOVER

R&D, Education, and Productivity

A Retrospective

Add to Cart

Product Details

HARDCOVER

$80.00 • £64.95 • €72.00

ISBN 9780674003439

Publication Date: 02/15/2001

Short

144 pages

6 x 9 inches

9 line illustrations, 14 tables

World

Zvi Griliches was a modern master of empirical economics. In this short book, he recounts what he and others have learned about the sources of economic growth. This book conveys the way he tackled research problems. For Griliches, economic theorizing without measurement is merely the fashioning of parables, but measurement without theory is blind. Judgment enables one to strike the right balance.

The book begins with economists’ first attempts to measure productivity growth systematically in the 1930s. In the mid-1950s these efforts culminated in a startling puzzle. The growth of measured inputs like labor and capital explained only a fraction of the growth of national output. Economists called this phenomenon “efficiency” or “technical change or “the residual.” However, Griliches observes that the most accurate name was a “measure of our ignorance.” What explained the rest of economic growth quickly became one of the most important questions in economics.

Over the next thirty years, Griliches and his colleagues and students looked for various components of the residual in education (the formation of human capital), investment (the formation of physical capital), and research and development. In 1973, after the oil price shocks, productivity growth slowed and the residual almost disappeared. Since the shocks were a short-term phenomenon, they could not account for the slowdown. A main focus of this book is therefore the puzzle of the productivity slowdown and how to date it and how to explain it.

From Our Blog

Jacket, Author Unknown: The Power of Anonymity in Ancient Rome, by Tom Geue, from Harvard University Press

Who Needs an Author?

In his new book Author Unknown: The Power of Anonymity in Ancient Rome, classicist Tom Geue asks us to work with anonymity rather than against it and to appreciate the continuing power of anonymity in our own time. Here, he discusses the history—and strength—of anonymous works of literature. Back in the roaring ’20s, I. A. Richar

‘manifold glories of classical Greek and Latin’

The digital Loeb Classical Library (loebclassics.com) extends the founding mission of James Loeb with an interconnected, fully searchable, perpetually growing virtual library of all that is important in Greek and Latin literature.