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The national accounts of each country provide our

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Unformatted text preview: t, but still well above the economy’s 3.4 percent growth rate in the two decades before 1978. India’s growth also accelerated by a full 2 percentage points between the two subperiods: 1978 –93 and 1993–2004. The national accounts of each country provide our basic source for data on output for the total economy and the three major sectors: agriculture, manufacturing, and services. India’s national accounts data are used without modification. However, as discussed below, we did make adjustments to the Chinese data by using an alternative price deflator for the manufacturing sector to address concerns that official series may overstate the rate of real growth. As shown in the second column of Table 1, China and India experienced nearly identical rates of employment growth over the full period. At the level of the th total economy, over a period of several decades, employment growth is largely determined by growth in the population of labor force age. The marked slowing of employment growth in China during the 1993–2004 period is also evident in estimates of the population of labor force age and reflects the sharp decline in the Required Reading  Pindyck and Rubinfeld (7 edition), Chapter 6, pp. 195-207. 6...
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