TFP Growth in British and German Manufacturing, 1950-1996
This paper considers the accuracy of traditional TFP growth estimates using a methodology that takes account of scale economies, fixed factors of production and adjustment costs to reveal underlying 'pure technological change'. The results suggest that these biases vary substantially over time but do not impact heavily on Anglo-German comparisons. In both countries the early postwar years are a period when adjustment costs from a rising supply price of capital goods hold down TFP growth below that which could have accrued from pure technological progress. As might be expected, this problem largely disappeared in the later globalisation period. Copyright 2005 Royal Economic Society.
Year of publication: |
2005
|
---|---|
Authors: | Crafts, Nicholas ; Mills, Terence C. |
Published in: |
Economic Journal. - Royal Economic Society - RES, ISSN 1468-0297. - Vol. 115.2005, 505, p. 649-670
|
Publisher: |
Royal Economic Society - RES |
Saved in:
freely available
Saved in favorites
Similar items by person
-
Rearmament to the Rescue? New Estimates of the Impact of 'Keynesian' Policies in 1930s' Britain
Crafts, Nicholas, (2012)
-
Trend growth in British industrial output, 1700 - 1913 : a reappraisal
Crafts, Nicholas, (1994)
-
British economic fluctuations, 1851 - 1913 : a perspective based on growth theory
Crafts, Nicholas, (1990)
- More ...