A closer look at potential distortions in state real gross domestic product: The case of the Texas energy sector

Q3 Social Sciences Journal of Economic and Social Measurement Pub Date : 2014-01-01 DOI:10.3233/JEM-140384

K. Phillips, Raul Hernandez, Benjamin R. M. Scheiner

引用次数: 0

Abstract

In this paper we take a closer look at a potential flaw in the measurement of Texas Real Gross Domestic Product (RGDP) – value added in the oil and gas industry. BEA estimates of Texas RGDP in oil and gas extraction have a negative correlation with factors of production and units of output. In this paper we use several different approximations of RGDP in oil and gas extraction to see which seems to be a good substitute for the BEA estimates. We find that a measure based on changes in Texas physical production of oil and gas results in an estimate of total state RGDP that is more highly correlated with Texas job growth and closer to the correlation of these measures nationally. This adjusted measure of Texas RGDP should be a better measure of Texas economic performance.

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仔细观察各州实际国内生产总值(gdp)可能出现的扭曲:以德克萨斯州能源行业为例

在本文中，我们仔细研究了德克萨斯州实际国内生产总值(RGDP)测量中的一个潜在缺陷——石油和天然气行业的增加值。BEA对德克萨斯州油气开采RGDP的估计与生产要素和产量单位呈负相关。在本文中，我们在石油和天然气开采中使用了几种不同的RGDP近似值，看看哪一种似乎是BEA估计的良好替代品。我们发现，基于德克萨斯州石油和天然气实物产量变化的衡量标准得出的州总RGDP估计值与德克萨斯州就业增长的相关性更高，与这些指标在全国范围内的相关性更接近。这一调整后的德州RGDP指标应该能更好地衡量德州的经济表现。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Economic and Social Measurement Social Sciences-Social Sciences (all)

CiteScore

1.60

自引率

0.00%

发文量

期刊介绍： The Journal of Economic and Social Measurement (JESM) is a quarterly journal that is concerned with the investigation of all aspects of production, distribution and use of economic and other societal statistical data, and with the use of computers in that context. JESM publishes articles that consider the statistical methodology of economic and social science measurements. It is concerned with the methods and problems of data distribution, including the design and implementation of data base systems and, more generally, computer software and hardware for distributing and accessing statistical data files. Its focus on computer software also includes the valuation of algorithms and their implementation, assessing the degree to which particular algorithms may yield more or less accurate computed results. It addresses the technical and even legal problems of the collection and use of data, legislation and administrative actions affecting government produced or distributed data files, and similar topics. The journal serves as a forum for the exchange of information and views between data producers and users. In addition, it considers the various uses to which statistical data may be put, particularly to the degree that these uses illustrate or affect the properties of the data. The data considered in JESM are usually economic or social, as mentioned, but this is not a requirement; the editorial policies of JESM do not place a priori restrictions upon the data that might be considered within individual articles. Furthermore, there are no limitations concerning the source of the data.