new Gordon papers

Brad De Long delong at econ.Berkeley.EDU
Mon May 8 09:32:14 PDT 2000



>Wait. I don't get it. The abstract says the paper analyzes multi-factor
>productivity. The old version of the paper analyzed labor productivity. Is
>multi-factor productivity the same as total-factor productivity? Has the
>focus of the paper changed?
>
>Seth

Yes and yes...

Analyzing multi-factor productivity in the computer-using sector masks the fact that in the past five years labor productivity in the computer-using sector has leaped ahead. The MFP analysis essentially says that this rise in labor productivity is to be expected given the extraordinarily large number of computers purchased...

Brad DeLong --

-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- "Now 'in the long run' this [way of summarizing the quantity theory of money] is probably true.... But this long run is a misleading guide to current affairs. **In the long run** we are all dead. Economists set themselves too easy, too useless a task if in tempestuous seasons they can only tell us that when the storm is long past the ocean is flat again."

--J.M. Keynes -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- J. Bradford De Long; Professor of Economics, U.C. Berkeley; Co-Editor, Journal of Economic Perspectives. Dept. of Economics, U.C. Berkeley, #3880 Berkeley, CA 94720-3880 (510) 643-4027; (925) 283-2709 phones (510) 642-6615; (925) 283-3897 faxes http://econ161.berkeley.edu/ <delong at econ.berkeley.edu>



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