Dynamics of Output and Employment in the U.S. Economy

  title={Dynamics of Output and Employment in the U.S. Economy},
  author={Deepankar Basu and Duncan K. Foley},
  journal={Cambridge Journal of Economics},
  • D. Basu, D. Foley
  • Published 1 September 2013
  • Economics
  • Cambridge Journal of Economics
This paper investigates the changing relationship between employment and real output in the U.S. economy from 1948 to 2010 both at the aggregate level and at some major industry-grouping levels of disaggregation. Real output is conventionally measured as value added corrected for price ination, but there are some industries in which no independent measure of value added is possible and existing statistics depend on imputing value added to equal income. Indexes of output that exclude these… 
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