A Factor Augmenting Approach for Studying Capital Measurement, Obsolescence, and the Recent Productivity Slowdown

One of the conclusions resulting from early research on economic growth was the existence of a large residual in explaining the sources of the growth of output. While it amounts to a tautology to say that all output must result from some source, it is also fairly obvious that many of these sources of growth may never be properly identified or measured; and the difficulty inherent in this identification process has made it tough going for those who have set out to reduce this “measure of our ignorance.”

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