Rapid economic growth with increasing returns to scale and little or no productivity growth

Article Abstract:

The correlation between an economy's rapid economic growth and increases in productivity was investigated in an econometric model of 28 Korean manufacturing firms. The model incorporated factors such as output, costs, price and quantity of inputs and investments. In particular, the total factor productivities (TFP) of the firms were measured through the Leontief cost function and the Bayesian estimation technique. It was suggested that rapid growth of output can be attained even with negative TFP growth.

Industrial productivity, Production functions (Economics)

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Factor price distortions, resource allocation, and growth: a computable general equilibrium analysis

Article Abstract:

A computable Walrasian general equilibrium model was used to examine factor and capital market distortions in the South Korean economy. The model accounts for both capital and labor market distortions, differentiates between autonomous differentials and accounting distortions and integrates more production factors. South Korea displayed rapid market growth in spite of factor market distortions because its dynamic efficiency gains downplayed the effects of allocation inefficiency.

South Korea, Pricing, Equilibrium (Economics)

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Price distortions and resource-use efficiency in Indian agriculture: a restricted profit function approach

Article Abstract:

Price distortion factors are incorporated into the generalized shadow profit function that is developed and presented. Using farm-level data from West Bengal, India, the model is tested to determine the aptness of the neoclassical profit function and the effect of education and farm size on allocative performance.

Profit, Profits, Prices, India

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