Cite JOURNAL ARTICLE
Wohlstandsmessung und Wohlstandsvermehrung: Produktivitätsdebatte einst und heute
Journal of Contextual Economics – Schmollers Jahrbuch, Vol. 111 (1991), Iss. 1 : pp. 1–26
The historical section deals with the long-running debate stretching back to Smith's apodictic distinction between productive and non-productive activities. Coverage is given to the path of developement, cluttered with misunderstanding, that led from Smith through Marx to the system of national accounts in as yet socialist countries. The neoclassical era, preoccupied with stationary state economics, contributed little to productivity research, although macroeconomic production functions did begin to develop.
The second part provides a critical discussion of growth accounting. "New Growth Theory" can offer important new insights by endogenizing technical change and dropping constant returns to scale. It still requires empirical support.