Rolf Färe, Shawna Grosskopf, and Dimitri Margaritis
- Published in print:
- 2008
- Published Online:
- January 2008
- ISBN:
- 9780195183528
- eISBN:
- 9780199870288
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195183528.003.0005
- Subject:
- Economics and Finance, Econometrics
This chapter provides a link between the efficiency issues raised in Chapters 1-3 of this volume and the traditional measures of productivity and productivity growth. One of the key insights this ...
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This chapter provides a link between the efficiency issues raised in Chapters 1-3 of this volume and the traditional measures of productivity and productivity growth. One of the key insights this link provides is the identification of the contributions of innovation (technical change or shifts in the frontier of technology) and diffusion and learning (catching up or efficiency change) to productivity growth. Topics discussed include duality and efficiency theory, productivity, decomposition of productivity, aggregation of indexes and indicators of efficiency and productivity, empirical estimation of the distance function-based productivity measures, and advantages and disadvantages of the various indexes and indicators.Less
This chapter provides a link between the efficiency issues raised in Chapters 1-3 of this volume and the traditional measures of productivity and productivity growth. One of the key insights this link provides is the identification of the contributions of innovation (technical change or shifts in the frontier of technology) and diffusion and learning (catching up or efficiency change) to productivity growth. Topics discussed include duality and efficiency theory, productivity, decomposition of productivity, aggregation of indexes and indicators of efficiency and productivity, empirical estimation of the distance function-based productivity measures, and advantages and disadvantages of the various indexes and indicators.
Mukesh Eswaran and Ashok Kotwal
- Published in print:
- 2006
- Published Online:
- September 2006
- ISBN:
- 9780195305197
- eISBN:
- 9780199783519
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195305191.003.0008
- Subject:
- Economics and Finance, Development, Growth, and Environmental
As countries develop, their labor force shifts from agriculture to industry and services, and in the process, the well-being of the people improves. This essay sheds some light on the economic logic ...
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As countries develop, their labor force shifts from agriculture to industry and services, and in the process, the well-being of the people improves. This essay sheds some light on the economic logic that drives the process and on the important role that agricultural productivity plays in it. It argues that agricultural productivity growth is the key to poverty alleviation, and then discusses the policy implications for developing countries. The first section shows how the process of secular decline in poverty is inevitably associated with a movement of labor from agriculture to other sectors, and how agricultural productivity growth facilitates such a movement. The second section discusses the importance of international trade in this process. Both agricultural and trade policies tend to generate political battles because they redistribute incomes from one group to another. This political economy question is addressed in the third section, which also discusses the causes (and consequences) of the observed policy bias against agriculture. The fourth section discusses the two main determinants of agricultural growth-technology and crop diversification, and reflects on the policy options available to poor countries to induce agricultural growth without causing domestic upheavals.Less
As countries develop, their labor force shifts from agriculture to industry and services, and in the process, the well-being of the people improves. This essay sheds some light on the economic logic that drives the process and on the important role that agricultural productivity plays in it. It argues that agricultural productivity growth is the key to poverty alleviation, and then discusses the policy implications for developing countries. The first section shows how the process of secular decline in poverty is inevitably associated with a movement of labor from agriculture to other sectors, and how agricultural productivity growth facilitates such a movement. The second section discusses the importance of international trade in this process. Both agricultural and trade policies tend to generate political battles because they redistribute incomes from one group to another. This political economy question is addressed in the third section, which also discusses the causes (and consequences) of the observed policy bias against agriculture. The fourth section discusses the two main determinants of agricultural growth-technology and crop diversification, and reflects on the policy options available to poor countries to induce agricultural growth without causing domestic upheavals.
Maurice FitzGerald Scott
- Published in print:
- 1991
- Published Online:
- November 2003
- ISBN:
- 9780198287421
- eISBN:
- 9780191596872
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198287429.003.0013
- Subject:
- Economics and Finance, Development, Growth, and Environmental
In a study of fifty US manufacturing industries over some 40 years, Fabricant found that labour productivity grew faster where output grew faster, and wage costs per unit of output grew more slowly, ...
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In a study of fifty US manufacturing industries over some 40 years, Fabricant found that labour productivity grew faster where output grew faster, and wage costs per unit of output grew more slowly, as did the price of output. Subsequently, similar relationships have been found in other countries and periods, two important studies being by Salter and Kennedy, each offering explanations. A different explanation is offered here, which suggests a surprising conclusion: that labour productivity tends to grow at the same rate in all industries in a given country over a long period.Less
In a study of fifty US manufacturing industries over some 40 years, Fabricant found that labour productivity grew faster where output grew faster, and wage costs per unit of output grew more slowly, as did the price of output. Subsequently, similar relationships have been found in other countries and periods, two important studies being by Salter and Kennedy, each offering explanations. A different explanation is offered here, which suggests a surprising conclusion: that labour productivity tends to grow at the same rate in all industries in a given country over a long period.
Edward N. Wolff
- Published in print:
- 2006
- Published Online:
- October 2011
- ISBN:
- 9780195189964
- eISBN:
- 9780199850792
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195189964.003.0004
- Subject:
- Economics and Finance, Public and Welfare
This chapter focuses on the third of the book's four paradoxes. It looks at the relationship of skills, education, and computerization to productivity growth and other indicators of technological ...
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This chapter focuses on the third of the book's four paradoxes. It looks at the relationship of skills, education, and computerization to productivity growth and other indicators of technological change at the industry level. The chapter is organized as follows. Section 4.2 reviews some of the pertinent literature on the role of skill change and computerization with regard to productivity changes in the US economy. Section 4.3 presents descriptive statistics on postwar productivity trends and key variables that shaped the pattern of productivity growth in the postwar period, while Section 4.4 concludes.Less
This chapter focuses on the third of the book's four paradoxes. It looks at the relationship of skills, education, and computerization to productivity growth and other indicators of technological change at the industry level. The chapter is organized as follows. Section 4.2 reviews some of the pertinent literature on the role of skill change and computerization with regard to productivity changes in the US economy. Section 4.3 presents descriptive statistics on postwar productivity trends and key variables that shaped the pattern of productivity growth in the postwar period, while Section 4.4 concludes.
Maurice FitzGerald Scott
- Published in print:
- 1991
- Published Online:
- November 2003
- ISBN:
- 9780198287421
- eISBN:
- 9780191596872
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198287429.003.0016
- Subject:
- Economics and Finance, Development, Growth, and Environmental
The build‐up in inflationary pressures in many countries in the late 1960s exploded with the commodity boom and oil shock of 1973. Why did the ensuing wide swings from inflation to deflation result ...
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The build‐up in inflationary pressures in many countries in the late 1960s exploded with the commodity boom and oil shock of 1973. Why did the ensuing wide swings from inflation to deflation result in such a marked slowdown in productivity growth? Many possible explanations are discussed, with mistaken and wasted investment, and the scrapping of assets that still earned positive quasi‐rents, being significant. The main lessons are the importance of stable macroeconomic conditions for growth, of realistic wage expectations, and of the need for strong animal spirits in business.Less
The build‐up in inflationary pressures in many countries in the late 1960s exploded with the commodity boom and oil shock of 1973. Why did the ensuing wide swings from inflation to deflation result in such a marked slowdown in productivity growth? Many possible explanations are discussed, with mistaken and wasted investment, and the scrapping of assets that still earned positive quasi‐rents, being significant. The main lessons are the importance of stable macroeconomic conditions for growth, of realistic wage expectations, and of the need for strong animal spirits in business.
Lance Taylor
- Published in print:
- 2004
- Published Online:
- August 2004
- ISBN:
- 9780199271412
- eISBN:
- 9780191601255
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199271410.003.0007
- Subject:
- Economics and Finance, Development, Growth, and Environmental
Economic policy in developing and post‐socialist economies during the last 10–15 years of the 20th century had one dominating theme: packages aimed at liberalizing the balance of payments, on both ...
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Economic policy in developing and post‐socialist economies during the last 10–15 years of the 20th century had one dominating theme: packages aimed at liberalizing the balance of payments, on both current and capital accounts. Together with large but highly volatile foreign capital movements, this wave of external deregulation was the central feature of globalization for the nonindustrialized world. In two recent research projects, the implications of external liberalization have been investigated through the use of quantified narrative histories for a number of countries, based on a methodology developed by the author to decompose and analyse changes in effective demand, productivity growth, employment, and the sectoral/functional income distribution over time; one of these studies concentrates on countries in Latin America and the Caribbean, while the other includes Argentina, Colombia, Cuba, India, South Korea, Mexico, Russia, Turkey, and Zimbabwe. After a summary of the results of the studies, with possible interpretations, the chapter develops a model of the likely effects of liberalization. The decomposition methodologies are then presented, and used to check the outcomes that the model generates; a substantial overlap is shown between observed phenomena and the model projections, and this discussion leads naturally to policy alternatives and suggestions about the future course of the liberalization process.Less
Economic policy in developing and post‐socialist economies during the last 10–15 years of the 20th century had one dominating theme: packages aimed at liberalizing the balance of payments, on both current and capital accounts. Together with large but highly volatile foreign capital movements, this wave of external deregulation was the central feature of globalization for the nonindustrialized world. In two recent research projects, the implications of external liberalization have been investigated through the use of quantified narrative histories for a number of countries, based on a methodology developed by the author to decompose and analyse changes in effective demand, productivity growth, employment, and the sectoral/functional income distribution over time; one of these studies concentrates on countries in Latin America and the Caribbean, while the other includes Argentina, Colombia, Cuba, India, South Korea, Mexico, Russia, Turkey, and Zimbabwe. After a summary of the results of the studies, with possible interpretations, the chapter develops a model of the likely effects of liberalization. The decomposition methodologies are then presented, and used to check the outcomes that the model generates; a substantial overlap is shown between observed phenomena and the model projections, and this discussion leads naturally to policy alternatives and suggestions about the future course of the liberalization process.
Maurice FitzGerald Scott
- Published in print:
- 1991
- Published Online:
- November 2003
- ISBN:
- 9780198287421
- eISBN:
- 9780191596872
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198287429.003.0012
- Subject:
- Economics and Finance, Development, Growth, and Environmental
Labour productivity has grown at different rates in similar industries in different countries. Verdoorn suggested that this could be explained by faster rates of growth of output leading to economies ...
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Labour productivity has grown at different rates in similar industries in different countries. Verdoorn suggested that this could be explained by faster rates of growth of output leading to economies of scale, but there are several other explanations, and the relation with output growth is not robust. Kaldor found that the rate of growth of total output in different countries was higher the faster was the rate of growth of manufacturing output from 1953 to 1963, and attributed this to demand factors, especially exports. However, the positive relation between the two virtually disappeared from 1970 to 1983, and can be explained ad hoc. Less
Labour productivity has grown at different rates in similar industries in different countries. Verdoorn suggested that this could be explained by faster rates of growth of output leading to economies of scale, but there are several other explanations, and the relation with output growth is not robust. Kaldor found that the rate of growth of total output in different countries was higher the faster was the rate of growth of manufacturing output from 1953 to 1963, and attributed this to demand factors, especially exports. However, the positive relation between the two virtually disappeared from 1970 to 1983, and can be explained ad hoc.
R. C. O. Matthews, C. H. Feinstein, and J. C. Odling‐Smee
- Published in print:
- 1982
- Published Online:
- November 2003
- ISBN:
- 9780198284536
- eISBN:
- 9780191596629
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198284535.003.0007
- Subject:
- Economics and Finance, Economic History
The rates of growth of total factor input (TFI) and total factor productivity (TFP) are the “sources” of output growth only in a proximate sense. Despite their imperfections, these concepts remain a ...
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The rates of growth of total factor input (TFI) and total factor productivity (TFP) are the “sources” of output growth only in a proximate sense. Despite their imperfections, these concepts remain a convenient category for study, provided that their limitations are recognized. If labour input is measured in man‐hours, TFP appears as a more important source of growth than TFI, averaged over the period 1856–1973 as a whole. If labour input is measured with allowance for estimated quality change, this conclusion is reversed. On any reckoning, the rate of growth of TFI was lower in the post‐war period than in all earlier peacetime periods, and the rate of growth of TFP much higher. There was a decline in the rate of growth of TFP, after allowance for labour quality change, between each period up to and including 1913–24, and a rise between each period after that.Less
The rates of growth of total factor input (TFI) and total factor productivity (TFP) are the “sources” of output growth only in a proximate sense. Despite their imperfections, these concepts remain a convenient category for study, provided that their limitations are recognized. If labour input is measured in man‐hours, TFP appears as a more important source of growth than TFI, averaged over the period 1856–1973 as a whole. If labour input is measured with allowance for estimated quality change, this conclusion is reversed. On any reckoning, the rate of growth of TFI was lower in the post‐war period than in all earlier peacetime periods, and the rate of growth of TFP much higher. There was a decline in the rate of growth of TFP, after allowance for labour quality change, between each period up to and including 1913–24, and a rise between each period after that.
Louis Putterman
- Published in print:
- 1993
- Published Online:
- October 2011
- ISBN:
- 9780195078725
- eISBN:
- 9780199854950
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195078725.003.0005
- Subject:
- Economics and Finance, Development, Growth, and Environmental
There are two principal topics in this section: factor allocation and productivity growth in the perspective of teams, which are both central to the study of rural development. Supporting the ...
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There are two principal topics in this section: factor allocation and productivity growth in the perspective of teams, which are both central to the study of rural development. Supporting the understanding of the mechanisms in the team level is the reward method discussed in the following chapter. These two areas are believed to be interrelated with one another, such that the causes of growth are increased production inputs, improved technical knowledge, and enhanced efficiency in the allocation of resources. In order to measure the indicators of growth and productivity, the author estimates and examines production curves, technical efficiency functions, and specific accounting techniques. Despite clear objectives and determined actions, problems regarding the differences in production schemes, aggregate product pricing, and shifts in the organizational structure are yet to be resolved.Less
There are two principal topics in this section: factor allocation and productivity growth in the perspective of teams, which are both central to the study of rural development. Supporting the understanding of the mechanisms in the team level is the reward method discussed in the following chapter. These two areas are believed to be interrelated with one another, such that the causes of growth are increased production inputs, improved technical knowledge, and enhanced efficiency in the allocation of resources. In order to measure the indicators of growth and productivity, the author estimates and examines production curves, technical efficiency functions, and specific accounting techniques. Despite clear objectives and determined actions, problems regarding the differences in production schemes, aggregate product pricing, and shifts in the organizational structure are yet to be resolved.
Albert N. Link and Donald S. Siegel
- Published in print:
- 2007
- Published Online:
- October 2011
- ISBN:
- 9780199268825
- eISBN:
- 9780191699290
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199268825.003.0004
- Subject:
- Business and Management, Innovation, Strategy
As discussed in Chapter 3, investments in R&D are positively related to total factor productivity (TFP) or productivity growth. Stated differently, empirical studies have consistently found a ...
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As discussed in Chapter 3, investments in R&D are positively related to total factor productivity (TFP) or productivity growth. Stated differently, empirical studies have consistently found a positive statistical relationship between numerous proxies for innovation (e.g., R&D employment, R&D expenditures, and patents) and indicators of performance (e.g., accounting profits, stock prices, and productivity). This statistical finding appears to hold both over various levels of aggregation (plant, firm, industry, and country levels) and over alternative econometric specifications (production, cost, and profit function). This chapter expands upon this statistical finding in two ways. First, it discusses the nature of R&D activity. It then reviews in detail the extant literature on R&D and firm performance. These extensions are critical because many of the studies in the literature demonstrate that the impact of R&D on firm performance depends on the type of R&D that is conducted or the source of R&D funding. That is, it is critical to analyze the various components of R&D, in order to accurately assess firm-level returns to R&D, as well as the impact of innovative activity on society.Less
As discussed in Chapter 3, investments in R&D are positively related to total factor productivity (TFP) or productivity growth. Stated differently, empirical studies have consistently found a positive statistical relationship between numerous proxies for innovation (e.g., R&D employment, R&D expenditures, and patents) and indicators of performance (e.g., accounting profits, stock prices, and productivity). This statistical finding appears to hold both over various levels of aggregation (plant, firm, industry, and country levels) and over alternative econometric specifications (production, cost, and profit function). This chapter expands upon this statistical finding in two ways. First, it discusses the nature of R&D activity. It then reviews in detail the extant literature on R&D and firm performance. These extensions are critical because many of the studies in the literature demonstrate that the impact of R&D on firm performance depends on the type of R&D that is conducted or the source of R&D funding. That is, it is critical to analyze the various components of R&D, in order to accurately assess firm-level returns to R&D, as well as the impact of innovative activity on society.
Gerald K. Helleiner (ed.)
- Published in print:
- 1992
- Published Online:
- October 2011
- ISBN:
- 9780198283591
- eISBN:
- 9780191684456
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198283591.003.0002
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This chapter focuses on learning and technical change in manufacturing. It examines some of the major findings on firm-level technical change in less-developed country (LDC) manufacturing and ...
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This chapter focuses on learning and technical change in manufacturing. It examines some of the major findings on firm-level technical change in less-developed country (LDC) manufacturing and evaluates the normative implications of this research. The chapter also discusses productivity growth in the manufacturing sector in LDCs. Finally, it reviews some of the emerging issues posed by new theories of international trade.Less
This chapter focuses on learning and technical change in manufacturing. It examines some of the major findings on firm-level technical change in less-developed country (LDC) manufacturing and evaluates the normative implications of this research. The chapter also discusses productivity growth in the manufacturing sector in LDCs. Finally, it reviews some of the emerging issues posed by new theories of international trade.
Juan Carlos Moreno-Brid and Jaime Ros
- Published in print:
- 2009
- Published Online:
- May 2009
- ISBN:
- 9780195371161
- eISBN:
- 9780199870608
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195371161.003.0010
- Subject:
- Economics and Finance, Economic History
Chapter 10 discusses the growth slowdown of the Mexican economy during the reform and postreform periods. After reviewing the role of international trade integration, productivity growth and human ...
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Chapter 10 discusses the growth slowdown of the Mexican economy during the reform and postreform periods. After reviewing the role of international trade integration, productivity growth and human capital formation, the chapter focuses on the primary determinant of the growth slowdown, the low rate of physical capital accumulation. The chapter's argument is that, together with the contraction of bank credit following the financial crisis of the mid-1990s, three main factors are constraining investment: the low level of public investment (particularly in the area of infrastructure), an appreciated real exchange rate for most of the period since 1988, and the dismantlement of industrial policy during the reform period.Less
Chapter 10 discusses the growth slowdown of the Mexican economy during the reform and postreform periods. After reviewing the role of international trade integration, productivity growth and human capital formation, the chapter focuses on the primary determinant of the growth slowdown, the low rate of physical capital accumulation. The chapter's argument is that, together with the contraction of bank credit following the financial crisis of the mid-1990s, three main factors are constraining investment: the low level of public investment (particularly in the area of infrastructure), an appreciated real exchange rate for most of the period since 1988, and the dismantlement of industrial policy during the reform period.
POH KAM WONG
- Published in print:
- 2001
- Published Online:
- October 2011
- ISBN:
- 9780199243983
- eISBN:
- 9780191697319
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199243983.003.0010
- Subject:
- Economics and Finance, Development, Growth, and Environmental
Singapore has undergone a great deal of economic growth since it gained political independence in 1959, and this is made evident through their 8.4% per annum real GDP growth, and how the country's ...
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Singapore has undergone a great deal of economic growth since it gained political independence in 1959, and this is made evident through their 8.4% per annum real GDP growth, and how the country's income level successfully went beyond the average level articulated by the OECD. With this growth, the country also improved and expanded their manufacturing endeavours, specifically those that involved the production of ICT goods. This chapter analyzes how the diffusion and adoption of ICT and the expansion in ICT production has brought about significant effects on Singapore's growing economy. This is done through clarifying the contribution of ICT in economic development, going over the trends in ICT production, and examining the contributions to productivity growth and GDP.Less
Singapore has undergone a great deal of economic growth since it gained political independence in 1959, and this is made evident through their 8.4% per annum real GDP growth, and how the country's income level successfully went beyond the average level articulated by the OECD. With this growth, the country also improved and expanded their manufacturing endeavours, specifically those that involved the production of ICT goods. This chapter analyzes how the diffusion and adoption of ICT and the expansion in ICT production has brought about significant effects on Singapore's growing economy. This is done through clarifying the contribution of ICT in economic development, going over the trends in ICT production, and examining the contributions to productivity growth and GDP.
Maurice FitzGerald Scott
- Published in print:
- 1991
- Published Online:
- November 2003
- ISBN:
- 9780198287421
- eISBN:
- 9780191596872
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198287429.003.0002
- Subject:
- Economics and Finance, Development, Growth, and Environmental
The stylized facts of growth are that the rate of growth of output and employment, the shares of wages and profits in income, and the rate of return to investment, are all constant. It greatly ...
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The stylized facts of growth are that the rate of growth of output and employment, the shares of wages and profits in income, and the rate of return to investment, are all constant. It greatly simplifies analysis to assume that this is so and that businesses expect it to be so, and that is at least a step forward from the normal assumption of static equilibrium or convergence on one. Furthermore, it is a reasonable approximation to past experience over periods of 10 to 30 years, abstracting from the trade cycle. Employment growth must be quality adjusted, in principle, weighting each worker by his or her relative marginal product, and this makes a big difference to measured productivity growth.Less
The stylized facts of growth are that the rate of growth of output and employment, the shares of wages and profits in income, and the rate of return to investment, are all constant. It greatly simplifies analysis to assume that this is so and that businesses expect it to be so, and that is at least a step forward from the normal assumption of static equilibrium or convergence on one. Furthermore, it is a reasonable approximation to past experience over periods of 10 to 30 years, abstracting from the trade cycle. Employment growth must be quality adjusted, in principle, weighting each worker by his or her relative marginal product, and this makes a big difference to measured productivity growth.
Lucia Foster, John Haltiwanger, and C. J. Krizan (eds)
- Published in print:
- 2001
- Published Online:
- February 2013
- ISBN:
- 9780226360621
- eISBN:
- 9780226360645
- Item type:
- chapter
- Publisher:
- University of Chicago Press
- DOI:
- 10.7208/chicago/9780226360645.003.0008
- Subject:
- Economics and Finance, Econometrics
This chapter seeks to synthesize and extend the emerging literature on the connection between micro- and aggregate productivity growth dynamics. It focuses primarily on the empirical findings and ...
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This chapter seeks to synthesize and extend the emerging literature on the connection between micro- and aggregate productivity growth dynamics. It focuses primarily on the empirical findings and shows that the measured quantitative contribution of reallocation to aggregate productivity growth varies significantly across studies. The objective is to understand the sources of the differences in results across studies. It pursues this objective in two ways. First, it compares the results carefully across studies, taking note of differences on a variety of dimensions including country, sectoral coverage, time period, frequency, and measurement methodology. Second, it exploits establishment-level data for the U.S. manufacturing sector as well as for a few selected service sector industries to conduct an independent investigation of the relevant issues. A commentary is also included at the end of the chapter.Less
This chapter seeks to synthesize and extend the emerging literature on the connection between micro- and aggregate productivity growth dynamics. It focuses primarily on the empirical findings and shows that the measured quantitative contribution of reallocation to aggregate productivity growth varies significantly across studies. The objective is to understand the sources of the differences in results across studies. It pursues this objective in two ways. First, it compares the results carefully across studies, taking note of differences on a variety of dimensions including country, sectoral coverage, time period, frequency, and measurement methodology. Second, it exploits establishment-level data for the U.S. manufacturing sector as well as for a few selected service sector industries to conduct an independent investigation of the relevant issues. A commentary is also included at the end of the chapter.
Robert C. Allen
- Published in print:
- 1992
- Published Online:
- October 2011
- ISBN:
- 9780198282969
- eISBN:
- 9780191684425
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198282969.001.0001
- Subject:
- History, British and Irish Early Modern History
This book traces the shift from medieval to modern institutions in English agriculture. It explores their importance for productivity growth, income distribution, and the contribution of agriculture ...
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This book traces the shift from medieval to modern institutions in English agriculture. It explores their importance for productivity growth, income distribution, and the contribution of agriculture to British economic development. The author study shows that, contrary to the assumption of many historians, small-scale farmers in the open-field system were responsible for a considerable proportion of the productivity growth achieved between the middle ages and the nineteenth century. The process of enclosure and the replacement of these yeomen by large-scale tenant farming relying on wage labour had relatively little impact on the agricultural contribution to economic development during the Industrial Revolution. Enclosures and large farms enriched landowners without benefiting consumers, workers, or farmers.Less
This book traces the shift from medieval to modern institutions in English agriculture. It explores their importance for productivity growth, income distribution, and the contribution of agriculture to British economic development. The author study shows that, contrary to the assumption of many historians, small-scale farmers in the open-field system were responsible for a considerable proportion of the productivity growth achieved between the middle ages and the nineteenth century. The process of enclosure and the replacement of these yeomen by large-scale tenant farming relying on wage labour had relatively little impact on the agricultural contribution to economic development during the Industrial Revolution. Enclosures and large farms enriched landowners without benefiting consumers, workers, or farmers.
Richard M. Goodwin
- Published in print:
- 1990
- Published Online:
- November 2003
- ISBN:
- 9780198283355
- eISBN:
- 9780191596315
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198283350.003.0006
- Subject:
- Economics and Finance, Macro- and Monetary Economics
Considers aspects of high, medium, and low growth, seeking to explain differences in cross‐country growth. The model from the previous chapter is employed as a base but the innovation rate is now ...
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Considers aspects of high, medium, and low growth, seeking to explain differences in cross‐country growth. The model from the previous chapter is employed as a base but the innovation rate is now exogenous. Output growth is decomposed into innovative capacity growth and population growth. The economy does not approach the steady state path smoothly but fluctuates around it. The growth rate of output in the model is determined by the share of innovational investment. The Rössler model is used to treat endogenous fluctuations. The chapter concludes by noting that with zero output growth, working hours could fall at the rate of productivity growth.Less
Considers aspects of high, medium, and low growth, seeking to explain differences in cross‐country growth. The model from the previous chapter is employed as a base but the innovation rate is now exogenous. Output growth is decomposed into innovative capacity growth and population growth. The economy does not approach the steady state path smoothly but fluctuates around it. The growth rate of output in the model is determined by the share of innovational investment. The Rössler model is used to treat endogenous fluctuations. The chapter concludes by noting that with zero output growth, working hours could fall at the rate of productivity growth.
Hans Lööf, Börje Johansson, Martin Andersson, and Charlie Karlsson
- Published in print:
- 2012
- Published Online:
- January 2013
- ISBN:
- 9780199646685
- eISBN:
- 9780191748998
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199646685.003.0009
- Subject:
- Economics and Finance, Financial Economics
There are systematic long-run differences in the performance of firms. This chapter argues that such persistent performance gaps can be explained by the fact that firms employ different ...
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There are systematic long-run differences in the performance of firms. This chapter argues that such persistent performance gaps can be explained by the fact that firms employ different R&D-strategies. Controlling for unobservable heterogeneity, past performance and other firm characteristics, that labour productivity is shown to be, on average, 13 percent higher among firms with persistent R&D commitment and 4 percent higher among firms which make occasional R&D efforts when compared with firms which do not invest in R&D. Furthermore, firms which employ a strategy with persistent R&D efforts are rewarded with a productivity growth rate that, on average, is about 2 percent higher than for other firms. The results are similar when firm performance is measured as total sales or exports per labour input.Less
There are systematic long-run differences in the performance of firms. This chapter argues that such persistent performance gaps can be explained by the fact that firms employ different R&D-strategies. Controlling for unobservable heterogeneity, past performance and other firm characteristics, that labour productivity is shown to be, on average, 13 percent higher among firms with persistent R&D commitment and 4 percent higher among firms which make occasional R&D efforts when compared with firms which do not invest in R&D. Furthermore, firms which employ a strategy with persistent R&D efforts are rewarded with a productivity growth rate that, on average, is about 2 percent higher than for other firms. The results are similar when firm performance is measured as total sales or exports per labour input.
Charles H. Feinstein, Peter Temin, and Gianni Toniolo
- Published in print:
- 2008
- Published Online:
- May 2008
- ISBN:
- 9780195307559
- eISBN:
- 9780199867929
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195307559.003.0002
- Subject:
- Economics and Finance, Economic History
This chapter places the interwar experience in the context of economic growth in the 20th century. The story starts with a description of living standards in the 1890s and goes on to describe the ...
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This chapter places the interwar experience in the context of economic growth in the 20th century. The story starts with a description of living standards in the 1890s and goes on to describe the spread of “modern economic growth” from its European beginning. The rate of economic growth was similar before the interwar period and since the early 1970s. In between there was slow growth during the interwar years and a rebound after the Second World War. Tables reveal a slowdown in international trade and a rise in unemployment during the interwar years, coupled paradoxically with stable or rising rates of productivity growth. The chapter also describes changes in the relative economic weight (GDP and trade) amongst the world's main areas.Less
This chapter places the interwar experience in the context of economic growth in the 20th century. The story starts with a description of living standards in the 1890s and goes on to describe the spread of “modern economic growth” from its European beginning. The rate of economic growth was similar before the interwar period and since the early 1970s. In between there was slow growth during the interwar years and a rebound after the Second World War. Tables reveal a slowdown in international trade and a rise in unemployment during the interwar years, coupled paradoxically with stable or rising rates of productivity growth. The chapter also describes changes in the relative economic weight (GDP and trade) amongst the world's main areas.
A. Erinc Yeldan
- Published in print:
- 2004
- Published Online:
- August 2004
- ISBN:
- 9780199271412
- eISBN:
- 9780191601255
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199271410.003.0014
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This is the third of five country case studies on income inequality, and investigates the impact of financial liberalization and the rise of financial rents on income inequality in Turkey. The ...
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This is the third of five country case studies on income inequality, and investigates the impact of financial liberalization and the rise of financial rents on income inequality in Turkey. The chapter has five sections: Introduction; Indicators of Income Distribution: The Evidence—a broad overview, and evidence on the patterns of income distribution in Turkey over the last three decades; Macroeconomic Adjustment under Financial Liberalization and the Rise of Financial Rents—a discussion of the evolution of functional categories of income that includes an account of the macroeconomic adjustment; The Rising Fiscal Gap and the Role of the State in Regulating the Distributional Structure—a detailed analysis of the rise in public sector deficits and the distributive consequences of the widening fiscal gap; and Concluding Comments and Overall Assessment. Sect. 3 looks at the inherent tensions caused by the macroeconomic disequilibria embodied in the process of integration with world markets under conditions of a poorly supervised banking system and underdeveloped and fragile domestic asset markets; here, it is found to be analytically convenient to decompose the path of Turkish liberalization after 1980 into two major subperiods partitioned by the strategic step of capital account deregulation—which took place in 1989 and was completed by the full integration of the domestic market into global financial markets. This section also studies the patterns of the wage cycle and productivity growth using quantitative filtering techniques, and reports on the disassociation of labour remunerations from the productivity gains in the real sphere of the economy.Less
This is the third of five country case studies on income inequality, and investigates the impact of financial liberalization and the rise of financial rents on income inequality in Turkey. The chapter has five sections: Introduction; Indicators of Income Distribution: The Evidence—a broad overview, and evidence on the patterns of income distribution in Turkey over the last three decades; Macroeconomic Adjustment under Financial Liberalization and the Rise of Financial Rents—a discussion of the evolution of functional categories of income that includes an account of the macroeconomic adjustment; The Rising Fiscal Gap and the Role of the State in Regulating the Distributional Structure—a detailed analysis of the rise in public sector deficits and the distributive consequences of the widening fiscal gap; and Concluding Comments and Overall Assessment. Sect. 3 looks at the inherent tensions caused by the macroeconomic disequilibria embodied in the process of integration with world markets under conditions of a poorly supervised banking system and underdeveloped and fragile domestic asset markets; here, it is found to be analytically convenient to decompose the path of Turkish liberalization after 1980 into two major subperiods partitioned by the strategic step of capital account deregulation—which took place in 1989 and was completed by the full integration of the domestic market into global financial markets. This section also studies the patterns of the wage cycle and productivity growth using quantitative filtering techniques, and reports on the disassociation of labour remunerations from the productivity gains in the real sphere of the economy.
