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Between 1950 and 2000, average growth of real GDP in the US was 3.2%. Over this...

  1. Between 1950 and 2000, average growth of real GDP in the US was 3.2%. Over this period, the yearly average growth in the labor force was 1.4% and average fixed private nonresidential capital growth was 2.6%. Assuming the typical Cobb-Douglas production function (Y=AK0.3L0.7)
  1. Estimate the contribution of productivity (the Solow residual) to growth during the period of interest
  2. Estimate the relative contributions to growth of each factor of production and productivity and explain your results
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