Sources of Growth Accounting as the Basis for Long-term Projection in the United States
All long-run projections of total output combine pieces of information pertinent to the future with guesses and with extrapolations of past trends or associations, and no method can assure accuracy. A projection based on the sources of growth technique is no exception.
KeywordsNational Income Labour Input Growth Account Unpaid Family Worker Average Hourly Earning
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- 3.Edward F. Denison, Why Growth Rates Differ: Postwar Experience in Nine Western Countries (Washington: Brookings Institution. 1967).Google Scholar
- 3.The model is described in Lester C. Thurow, ‘A Fiscal Policy Model of the United States’, Survey of Current Business, vol. 49 (June 1969) pp. 45–64.Google Scholar