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The Solow residual is a term of art among a class of utility theoretic economic growth models. Technological progress is everything in productivity growth you can't account for after you have found all the factors correlated with productivity growth and have estimated their contribution.

Its an admission that utility theoretic growth modelling can't explain the most important long term factor in economic growth.

I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.

by BruceMcF (agila61 at netscape dot net) on Mon Aug 5th, 2013 at 10:35:27 PM EST
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