Unraveling the productivity growth slowdown in the United States, Canada, and Japan: the effects of subequilibrium, scale economies and markups
Article Abstract:
A parametric model based on Leontief restricted cost and output demand functions is used to measure productivity growth without the standard restrictive assumptions. Previous models specifically include subequilibrium, markup, and scale economies effects that obscure the true growth residual. Correct adjustment of the residual for such effects depend on cost and demand elasticities. Application to US, Japanese, and Canadian manufacturing suggest that traditional measures of productivity growth should be corrected for these factors.
Publication Name: Review of Economics and Statistics
Subject: Mathematics
ISSN: 0034-6535
Year: 1992
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External capital factors and increasing returns in U.S. manufacturing
Article Abstract:
A study aimed at examining growth issues using dynamic cost function estimation was conducted. Theoretical models of endogenous growth broadened the concept of returns and included returns resulting from short-run quasi-fixity of private capital, long-run scale economies, and external 'knowledge' factors - overall investment in research, technology, and education. Increasing returns to scale resulting from cost savings on variable inputs and diminishing returns to capital are common, based on detailed industry-level data.
Publication Name: Review of Economics and Statistics
Subject: Mathematics
ISSN: 0034-6535
Year: 1997
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Assessing the productivity of information technology equipment in U.S. manufacturing industries
Article Abstract:
An empirical analysis is used to examine the cost-reducing effects of boosting stocks of information technology equipment in manufacturing industries in the US. The study showed proof of overinvestment in the equipment in middle to late 1980s, after robust investment incentives in the late 1970s. It was established that information technology capital expansion boosts demand for most capital and noncapital inputs overall, while saving on materials inputs.
Publication Name: Review of Economics and Statistics
Subject: Mathematics
ISSN: 0034-6535
Year: 1997
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