Econometrics V 3 - Economic Growth in the Information Age

List of Figures ix List of Tables xiii Preface xvii Dale W. Jorgenson List of Sources xxix Information Technology and the U.S. Economy 1(42) Dale W. Jorgenson The Information Age 3(9) The Role of Information Technology 12(10) The American Growth Resurgence 22(17) Economics on Internet Time 39(4) Notes 40(3) Computers and Growth 43(28) Dale W. Jorgenson Kevin J. Stiroh Introduction 43(2) Computer Investment 45(4) A Model of Computer Services 49(6) Computer Stocks and Services 55(6) Computers and Growth 61(6) Conclusion 67(4) Notes 68(3) Raising the Speed Limit: U.S. Economic Growth in the Information Age 71(80) Dale W. Jorgenson Kevin J. Stiroh Introduction 71(3) The Recent U.S. Growth Experience 74(29) Setting the Speed Limit 103(7) Industry Productivity 110(13) Conclusions 123(28) Appendix A: Estimating Output 126(3) Appendix B: Estimating Capital Services 129(12) Appendix C: Estimating Labor Input 141(3) Appendix D: Estimating Industry-Level Productivity 144(1) Appendix E: Extrapolation for 1999 145(1) Notes 146(5) Why Has the Energy-Output Ratio Fallen in China? 151(28) Richard F. Garbaccio Mun S. Ho Dale W. Jorgenson Introduction 151(1) Review of Previous Work on China's Energy-Output Ratio 152(3) Problems with Official Chinese Data 155(3) Constructing a Consistent Data Set 158(6) A Methodology for Decomposing the Change in Energy Intensity 164(3) Decomposition of the Change in China's Energy Intensity 167(6) Effects of Using Alternative Estimates of Inflation 173(2) Conclusions 175(4) Notes 176(3) Whatever Happened to Productivity Growth? 179(32) Dale W. Jorgenson Eric Yip Introduction 179(2) Investment and Productivity 181(6) Sources of Growth 187(9) Convergence 196(5) Endogenizing Growth 201(10) Appendix A: Data Sources 206(3) Notes 209(2) Tax Reform and the Cost of Capital 211(48) Dale W. Jorgenson Introduction 211(7) International Comparisons 218(19) Alternative Approaches 237(6) Summary and Conclusion 243(16) Appendix A: King-Fullerton Framework 248(7) Notes 255(4) Investment and Growth 259(30) Dale W. Jorgenson Introduction 259(3) Sources and Uses of Growth 262(4) The Growth Revival 266(4) Endogenous Growth 270(7) Econometric Modeling 277(4) Conclusion 281(8) Notes 285(4) Policies to Stimulate Economic Growth 289(32) Mun S. Ho Dale W. Jorgenson Introduction 289(3) The Education Sector and Human Capital 292(7) A Dynamic Model with Human Capital 299(9) Data and Parameter Estimates 308(1) The Effect of Increased Expenditures on Education 309(3) The Effects of Increased Enrollment 312(5) Conclusion 317(4) Notes 318(3) Did We Lose the War on Poverty? 321(18) Dale W. Jorgenson The Official Poverty Line 322(1) Measuring the Household Standard of Living 323(2) Comparing Standards of Living among Households 325(2) Measuring the Household Cost of Living 327(1) Estimates of the Poverty Rate 328(2) Poverty and Redistributional Policy 330(2) From Individual to Social Welfare 332(3) Poverty and Inequality within and between Groups 335(1) Measuring the Standard of Living 336(1) Recommendations and Conclusions 337(2) Notes 338(1) Indexing Government Programs for Changes in the Cost of Living 339(22) Dale W. Jorgenson Daniel T. Slesnick Measuring the Cost of Living 343(3) Implementing Cost-of-Living Indexes 346(6) Group Cost-of-Living Indexes 352(7) Recommendations and Conclusions 359(2) Controlling Carbon Emissions in China 361(32) Richard F. Garbaccio Mun S. Ho Dale W. Jorgenson Introduction 362(2) A Dynamic Economy-Energy-Environment Model for China 364(4) Data and Exogenous Variables 368(2) Carbon Taxes and Emissions 370(10) Conclusions 380(13) Appendix A: Description of the Model 382(8) Notes 390(3) The Economic Impact of Fundamental Tax Reform 393(28) Dale W. Jorgenson Peter J. Wilcoxen Introduction 393(8) Provisions of U.S. Tax Law 401(2) Fundamental Tax Reform 403(16) Conclusion 419(2) Notes 420(1) References 421(34) Index 455