[4] Described as a "master" of his field, he received the John Bates Clark Medal in 1971, and was described as a worthy contender for the Nobel Memorial Prize in Economic Sciences.

[3][6] Jorgenson was an advocate of a carbon tax on greenhouse gas emissions, as a means of reducing global warming; he testified to that end before Congress in 1997.

Jorgenson also designed a tax plan of his own, called the Efficient Taxation of Income, which he described in his book Investment, Vol.

Jorgenson and Steven Landefeld, director of the U.S. Bureau of Economic Analysis, have proposed a new system of national accounts that incorporates the cost of capital for all assets, including information technology equipment and software.

Paul Schreyer (2009) has published an OECD Manual, Measuring Capital, to serve as a guide to practitioners.

[10] Jorgenson (2009) has presented an updated version of the “new architecture” in his Richard and Nancy Ruggles Memorial Lecture to the International Association for Research in Income and Wealth.

This will ultimately include industry-level production accounts, incorporating capital (K), labor (L), energy (E), materials (M) and services (S) inputs, for more than forty countries.

Accounts for 25 or the 27 EU members, assembled by 18 EU-based research teams, were completed on June 30, 2008, and are presented by Marcel P. Timmer, Robert Inklaar, Mary O’Mahony, and Bart van Ark (2010).

This landmark study also provides industry-level accounts for Australia, Canada, Japan, and Korea, as well as the U.S., based on the methodology of Jorgenson, Ho, and Stiroh (2005).

The World KLEMS initiative will extend these efforts to important emerging and transition economies, including Argentina, Brazil, Chile, China, India, Indonesia, Mexico, Russia, Turkey, and Taiwan.

Asset prices are linked to the present values of future capital services through rational expectations equilibrium.