By Charles R. Hulten
Rising from the ruins of the second one international conflict, the japanese economic system has grown at double-digit fee all through a lot of the Nineteen Fifties and Nineteen Sixties, and, while the oil predicament of the Seventies slowed development in the course of the industrialized international, eastern development in the course of the industrialized international, eastern progress premiums remained quite robust. there were many makes an attempt via students from quite a lot of disciplines to provide an explanation for this extraordinary heritage, yet for economists attracted to the quantitative research of financial development and the significant query addressed is how Japan was once in a position to develop so rapidly.The members concentration their efforts at the exact dimension and comparability of eastern and U.S. fiscal progress. Assuming that any sustained raise in genuine GNP has to be due both to a rise within the volume of capital and hard work utilized in construction or to the extra effective use of those inputs, the authors research the person contributions of varied elements and their significance within the strategy of output growth.These essays expand the technique of progress research and provide many insights into the criteria resulting in some of the best functionality of the japanese economic system. They display that progress is a fancy technique and no unmarried issue can clarify the japanese 'miracle.'
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Extra resources for Productivity Growth in Japan and the United States (National Bureau of Economic Research Studies in Income and Wealth)
1 is the observed exchange rate (yeddollar); col 2 is the Japanese price index transformed by the purchasing power parity (PPP) index; col3 is the Japanese PPP-based price index denominated by exchange rate; col. S. corresponding price index. the level that prevailed almost a quarter century earlier, in 1960. The rise in the cost of capital in Japan relative to that in the United States after the energy crisis was a consequence of the appreciation of the yen. The fall of this relative price in the 1980s resulted from the appreciation of the dollar.
The nature of the relative TFP index can be illustrated in the following example. If a good is produced in the United States with a technology Q, = A" F(X,), where A, is an index of TFP and Xua vector of inputs, while the same good is produced in Japan with the technology Q, = A, G(X,), the translog index of relative TFP measures the ratio A,/A,. In actual applications, the technology is assumed to have the translog form and technical change is not restricted to Hicks neutrality. 7. See Baumol, Blackman, and Wolff (1989) for a detailed discussion of this issue and references to the relevant literature.
One must therefore question whether wages are based entirely on current productivity or whether they reflect other factors like implicit contracts, in which wages are back loaded in order to attract workers with low quit rates and to reduce incentives to shirk. Or, are the seniority-based wages largely due to a cultural respect for age and seniority? 20 Charles R. Hulten The paper by Hong Tan investigates some of these issues. Tan hypothesizes that a higher rate of technical change induces firms to want workers with firmspecific skills, which in turn increases the incentive to induce low quit rates by rewarding job tenure.
Productivity Growth in Japan and the United States (National Bureau of Economic Research Studies in Income and Wealth) by Charles R. Hulten