Abstract
In this chapter, to illustrate and test the theory, we refer to time series for the U.S. economy for the years 1890–2009 collected in Appendix 2. The choice of this case is justified by the availability and reliability of the data, which can be easily found on web pages of the U.S. Census Bureau and the U.S. Bureau of Economic Analysis. These organisations have been permanently improving the methods of estimation of time series, and the data has been permanently revised in order for the numbers to be as accurate as possible. We have used the latest available series to illustrate the methods of estimation of some quantities: substitutive work, technological index, marginal productivities, technological coefficients and bulk productivity of workman.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Notes
- 1.
The correlation and covariance of two quantities a and b are defined as
$$\begin{aligned}&\mathrm{corr}\; (a,b)=\frac{\mathrm{cov}\; (a,b)}{\varDelta a \, \varDelta b}, \quad (\varDelta a)^2 =\frac{1}{n}\sum _{j=1}^n(a_j-\langle a\rangle )^2, \\&\mathrm{cov}\; (a,b)=\frac{1}{n}\sum _{j=1}^n(a_j-\langle a\rangle )(b_j-\langle b\rangle ),\quad \langle a\rangle =\frac{1}{n}\sum _{j=1}^na_j. \end{aligned}$$.
References
Pokrovski, V.N.: Energy in the theory of production. Energy 28, 769–788 (2003)
Pokrovski, V.N.: Productive energy in the US economy. Energy 32, 816–822 (2007)
Morgenstern, O.: On the Accuracy of Economic Observation, 2 edn, completely revised. Princeton University Press, Princeton (1973)
Scott, M.F.G.: A New View of Tconomic Growth. Clarendon Press, Oxford (1989)
Blanchard, O.J., Fisher, S.: Lectures on Macroeconomics. MIT Press, Gambridge (1989)
Author information
Authors and Affiliations
Corresponding author
Rights and permissions
Copyright information
© 2018 Springer International Publishing AG
About this chapter
Cite this chapter
Pokrovskii, V.N. (2018). Estimation of Parameters of Production Processes. In: Econodynamics. New Economic Windows. Springer, Cham. https://doi.org/10.1007/978-3-319-72074-6_7
Download citation
DOI: https://doi.org/10.1007/978-3-319-72074-6_7
Published:
Publisher Name: Springer, Cham
Print ISBN: 978-3-319-72073-9
Online ISBN: 978-3-319-72074-6
eBook Packages: Physics and AstronomyPhysics and Astronomy (R0)