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American Economic Journal: Macroeconomics: Vol. 2 No. 1 (January 2010)

AEJ: Macro Volume. 2, Issue 1 | Previous ArticleNext Article

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Development Accounting

Article Citation

Hsieh, Chang-Tai, and Peter J. Klenow. 2010. "Development Accounting." American Economic Journal: Macroeconomics, 2(1): 207-23.

DOI: 10.1257/mac.2.1.207

Abstract

Researchers have made much progress in the past 25 years in accounting for the proximate determinants of income levels: physical capital, human capital, and Total Factor Productivity (TFP). But we still know little about why these factors vary. We argue that TFP exerts a powerful influence on output not only directly, but also indirectly, through its effect on physical and human capital accumulation. We discuss why TFP varies across countries, highlighting misallocation of inputs across firms and industries as a key determinant. (JEL E22, E23, F21, F35, O10, O40)

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Authors

Hsieh, Chang-Tai (U Chicago)
Klenow, Peter J. (Stanford U)

JEL Classifications

E22: Capital; Investment; Capacity
E23: Macroeconomics: Production
F21: International Investment; Long-term Capital Movements
F35: Foreign Aid
O10: Economic Development: General
O40: Economic Growth and Aggregate Productivity: General

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