Dual approach to growth accounting -application for the Czech Republic

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HLOUŠEK Miroslav

Year of publication 2007
Type Article in Proceedings
Conference Mathematical Methods in Economics 2007
MU Faculty or unit

Faculty of Economics and Administration

Field Economy
Keywords growth accounting; primal and dual approach; total factor productivity growth rate; Solow residual
Description This paper tries to compare results from primal and dual approach to growth accounting for case of the Czech Republic. The dual approach is based on factor prices rather than quantities and hence the result should be more reliable. Using both approaches, total factor productivity growth rate is calculated from Czech data. Results are quite similar which suggests that national accounts provided by statistical agency are correct and that dual approach is useful alternative to growth accounting. Additionally, TFP growth accounts for seventy seven per cent of the growth rate of total output and plays important role in explaining growth.
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