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Input Output Modelling of Labor Productivity and its Human Capital and Technology Components in Indian Economy

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  • Shri Prakash
  • Brinda Balakrishnan

Abstract

The study evaluates criticism of New Economic Policy (NEP) that it has led to employment-less growth and examines the role of productivity in growth and employment creation by means of the Computable General Equilibrium Input Output Model. It covers data of one-decade after the adoption of reforms policy. Empirical results synthesize productivity and employment effects of growth. The sectoral productivity is estimated from IO Tables of 1988-89, 1993-94 and 1998-99 in 1993-94 producer prices. The paper combines production function and aggregation approaches as its methodological-theoretical framework. The partial approach impounds technology and final demand turn by turn. The model results are supplemented by statistical analysis of inter-sectoral variation and inter-relations between educational development and qualifications of workforce. Results show productivity to be the pivot of growth of most sectors. The study highlights realism/unrealism of the paradigms of employment-less, employment-neutral and employment augmenting growth under NEP.

Suggested Citation

  • Shri Prakash & Brinda Balakrishnan, 2008. "Input Output Modelling of Labor Productivity and its Human Capital and Technology Components in Indian Economy," Bulletin of Political Economy, Bulletin of Political Economy, vol. 2(2), pages 137-164, December.
    • Handle: RePEc:awu:journl:v:2:y:2008:i:2:p:137-164
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