The DOI matches its Crossref record; 5 of the 5 references it cites were found in a registry or an index.
INTANGIBLE CAPITAL AND U.S. ECONOMIC GROWTH
Abstract
Published macroeconomic data traditionally exclude most intangible investment from measured GDP. This situation is beginning to change, but our estimates suggest that as much as $800 billion is still excluded from U.S. published data (as of 2003), and that this leads to the exclusion of more than $3 trillion of business intangible capital stock. To assess the importance of this omission, we add intangible capital to the standard sources‐of‐growth framework used by the BLS, and find that the inclusion of our list of intangible assets makes a significant difference in the observed patterns of U.S. economic growth. The rate of change of output per worker increases more rapidly when intangibles are counted as capital, and capital deepening becomes the unambiguously dominant source of growth in labor productivity. The role of multifactor productivity is correspondingly diminished, and labor's income share is found to have decreased significantly over the last 50 years.
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Cites
On the mechanics of economic development
Lucas, R. E. (1988) · Journal of Monetary Economics · doi:10.1016/0304-3932(88)90168-7 · Cited by 24,085
Technical Change and the Aggregate Production Function
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Do Real Output and Real Wage Measures Capture Reality? The History of Lighting Suggests Not
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COMPUTERS, PRODUCTIVITY, AND INPUT SUBSTITUTION
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Cited by
Goldfarb, A., & Tucker, C. (2019) · Journal of Economic Literature · doi:10.1257/jel.20171452 · Cited by 2,744
The Productivity J-Curve: How Intangibles Complement General Purpose Technologies
Brynjolfsson, E., Rock, D., & Syverson, C. (2021) · American Economic Journal: Macroeconomics · doi:10.1257/mac.20180386 · Cited by 1,003
Do increasing markups matter? Lessons from empirical industrial organization
Berry, S., Gaynor, M., & Morton, F. S. (2019) · Journal of Economic Perspectives · doi:10.1257/jep.33.3.44 · Cited by 235
Financial Frictions and the Great Productivity Slowdown
Duval, R., Hong, G. H., & Timmer, Y. (2020) · The Review of Financial Studies · doi:10.1093/rfs/hhz063 · Cited by 180
“Accounting for Factorless Income”
Karabarbounis, L., & Neiman, B. (2018) · doi:10.3386/w24404 · Cited by 48
Metadata
- Authors
- Corrado, C., Hulten, C., & Sichel, D.
- Venue
- Review of Income and Wealth
- Publisher
- Wiley
- Published
- 2009-08-20
- Volume
- 55
- Issue
- 3
- Pages
- 661-685
- ISSN
- 0034-6586 (ISSN-L)
- 1475-4991
- OpenAlex
- W2992318823
- Cited by
- 1,269
- References
- 5
- FWCI
- 116.13
- Type
- journal article
- Language
- en
- Open access
- closed
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- Corrado, C., Hulten, C., & Sichel, D. (2009). INTANGIBLE CAPITAL AND U.S. ECONOMIC GROWTH. Review of Income and Wealth. https://doi.org/10.1111/j.1475-4991.2009.00343.x
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