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Depreciation, obsolescence and the role of capital in growth accounting

Oulton, Nicholas (1995) Depreciation, obsolescence and the role of capital in growth accounting. Bulletin of Economic Research, 47 (1). pp. 21-33. ISSN 0307-3378

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Identification Number: 10.1111/j.1467-8586.1995.tb00598.x

Abstract

Maurice Scott has argued that the neoclassical production function and growth accounting are fundamentally flawed as tools for understanding the growth process. If the role of capital were correctly evaluated, then (he argues) the famous ‘residual’ of growth accounting would disappear. Contrary to these claims, this paper seeks to show that growth accounting gives correct answers to interesting questions, even when all technical progress is embodied in new capital goods and even when depreciation is entirely due to obsolescence.

Item Type: Article
Official URL: https://onlinelibrary.wiley.com/journal/14678586
Additional Information: © 1995 John Wiley & Sons
Divisions: Centre for Macroeconomics
Subjects: H Social Sciences > HF Commerce > HF5601 Accounting
H Social Sciences > HB Economic Theory
Date Deposited: 03 Nov 2020 20:54
Last Modified: 03 Nov 2020 20:54
URI: http://eprints.lse.ac.uk/id/eprint/107124

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