The World Economy

'Professors Jorgenson, Fukao, and Timmer report provocative and stunning projections of the future world economy. The authors conclude the major source of global economic growth 1990-2012 has involved replication (adding identical production units with no change in technology) rather than innovation (creation of new products and processes). They project that accelerated rapid economic growth will continue, driven largely by replication in Asian countries. This is an absolute must-read book for students of global economic growth.' Ernst R. Berndt, Massachusetts Institute of Technology 'Dale Jorgenson and his collaborators have, over decades, produced consistent databases for productivity analysis. The endeavor is invaluable because what matters in the long-run for the country's - and the world's - standard of living is supply factors such as the quality and quantity of labor and capital. This volume contains industry-level analysis for a number of countries. It reveals, for example, that Japan, having tolerated inefficient sectors to persist, still has room for growth.' Fumio Hayashi, National Graduate Institute for Policy Studies, Tokyo 'The papers collected in this volume are both timely and highly relevant. They draw a broad picture of economic growth and its determinants, using a coherent framework and well-founded methodology. The proposed work brings together, in a unique way, advances in measurement and economic analysis - two strands of work that are too often conducted in separation. The authors represent a select set of researchers with excellent track records in the field and I recommend the volume as a most valuable reference for students, scholars, and analysts alike.' Paul Schreyer, The Organisation for Economic Co-operation and Development Statistics Directorate 'Professors Jorgenson, Fukao, and Timmer report provocative and stunning projections of the future world economy. The authors conclude the major source of global economic growth 1990-2012 has involved replication (adding identical production units with no change in technology) rather than innovation (creation of new products and processes). They project that accelerated rapid economic growth will continue, driven largely by replication in Asian countries. This is an absolute must-read book for students of global economic growth.' Ernst R. Berndt, Massachusetts Institute of Technology 'Dale Jorgenson and his collaborators have, over decades, produced consistent databases for productivity analysis. The endeavor is invaluable because what matters in the long-run for the country's - and the world's - standard of living is supply factors such as the quality and quantity of labor and capital. This volume contains industry-level analysis for a number of countries. It reveals, for example, that Japan, having tolerated inefficient sectors to persist, still has room for growth.' Fumio Hayashi, National Graduate Institute for Policy Studies, Tokyo 'The papers collected in this volume are both timely and highly relevant. They draw a broad picture of economic growth and its determinants, using a coherent framework and well-founded methodology. The proposed work brings together, in a unique way, advances in measurement and economic analysis - two strands of work that are too often conducted in separation. The authors represent a select set of researchers with excellent track records in the field and I recommend the volume as a most valuable reference for students, scholars, and analysts alike.' Paul Schreyer, The Organisation for Economic Co-operation and Development Statistics Directorate