اصل و ترجمه مقاله لاتین Back to the basics: Revisiting the development accounting methodology

Back to the basics: Revisiting the development accounting methodology Abstract The standard baseline estimate in development accounting is imprecise because of a mismatch between the estimate of physical capital and the estimate of physical capital’s share, the fraction of total income accruing to physical capital. I adjust for this mismatch, and in so doing, incorporate natural capital. I also treat factor shares as variables, not constant parameters. To accommodate these adjustments, I carry out a development accounting analysis using translog multilateral indices of outputs, inputs and productivity. Results reveal that the correction for the mismatch between physical capital and its share, which is the weight assigned to the physical capital input in development accounting, reduces the variation in output per worker explained by observables by as much as 15 percentage points relative to the standard baseline. Most of this reduction is due to a decline in the explanatory power ...