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• W3125455849 abstract "We estimate the rate of embodied technological change directly from plant-level manufacturing data on current output and input choices along with histories on their vintages of equipment investment. Our estimates range between 8 and 17 percent for the typical US manufacturing plant during the years 1972–1996. Any number in this range is substantially larger than is conventionally accepted with some important implications. First, the role of investment-specific technological change as an engine of growth is even larger than previously estimated. Second, existing producer durable price indices do not adequately account for quality change. As a result, measured capital stock growth is biased. Third, if accurate, the Hulten and Wykoff (1981, Depreciation Inflation, and the Taxation of Income From Capital; Urban, Washington, DC, pp. 81–125) economic depreciation rates may primarily reflect obsolescence." @default.
• W3125455849 created "2021-02-01" @default.
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• W3125455849 date "2004-01-01" @default.
• W3125455849 modified "2023-10-16" @default.
• W3125455849 title "Quantifying embodied technological change" @default.
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• W3125455849 doi "https://doi.org/10.1016/s1094-2025(03)00052-8" @default.
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