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Technological progress from a Post Keynesian point of view: a comparison between the United States and China

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  • José Reyes Bernal-Bellón

    (Universidad Antonio Nariño)

Abstract

This article presents a comparison of total factor productivity (TFP) for China and the United States. The TFP calculations are compared between the traditional Solow residual and the post-Keynesian proposal developed from the difference between the observed growth rate and the Harrod equation. The calculation of productivity and its contribution to economic growth for China between 1952 and 2014 is -8.7 % unrealistic data, while from the post-Keynesian point of view its contribution to growth is of the order of 5.4 % giving it significant importance to the participation of capital and labor. The same exercise is done for the United States and more reasonable data are found on its contribution to growth based on the post-Keynesian proposal.

Suggested Citation

  • José Reyes Bernal-Bellón, 2023. "Technological progress from a Post Keynesian point of view: a comparison between the United States and China," Lecturas de Economía, Universidad de Antioquia, Departamento de Economía, issue 99, pages 153-173, July-Dece.
    • Handle: RePEc:lde:journl:y:2023:i:99:p:153-173
    DOI: 10.17533/udea.le.n99a349646
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    More about this item

    Keywords

    Total factor productivity; economic growth; Harrod equation;
    All these keywords.

    JEL classification:

    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
    • O57 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries

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