Unit roots and British industrial growth, 1923-92

Article Abstract:

The time series qualities and historical attributes of UK industrial output from 1923-1992 are established and analysed. Results indicate that production seems to have followed a segmented trend stationary process since 1923. The UK industry appears to have suffered a major historical discontinuity in the 1970s. The major shift in production trend occurred at the time of the 1973 oil shock. An industrial crash rather than a trend change appears to have followed in 1979.

Industrial productivity

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On the uniqueness of square cost-minimizing techniques

Article Abstract:

The selection of a cost-minimization method in economies where demand does not rely on price is analyzed. Other characteristics required of such a method are a positive wage level and the absence of negative prices for products that do not show a surplus. Results show that such a method is unique in instances where no other existing technique generates more profits and other methods exhibit the same indifference curves.

Economics, Cost (Economics), Costs (Economics)

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Continuous switching of techniques in linear production models

Article Abstract:

Switching techniques in production models with produced inputs involves a discontinuous variation of a plurality of technical coefficients, not a continuous one as many assume. Introducing a continuum spectrum of techniques in a Sraffa-type production model demonstrates that the same wage-profit frontier is available by substituting one or more techniques for others requiring different inputs.

Econometrics, Linear models (Statistics)

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