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Sources of Australia's Productivity Revival

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Author Info
Dean Parham
Abstract

Australia's annual rate of multifactor productivity growth accelerated a full percentage point in the 1990s. The fact that most other OECD countries did not share this experience suggests that domestic factors must have provided at least a major part of the explanation. This article establishes six stylised facts about Australia's 1990s productivity performance and then surveys available analytical studies to find explanations for them. With few aggregate models available to shed light on recent output and productivity growth, the survey also covers cross-country, industry and firm-level studies. Despite various shortcomings in data and specification of models, a reasonably clear picture emerges. The accumulation of physical and human capital has laid a long-term foundation for productivity growth. On top of this foundation, the greater openness of the economy to trade and investment, increased R&D activity and a strong uptake and innovative use of ICT have been specific sources of the productivity revival. There is also evidence that policy and institutional factors have been important in driving and enabling these determinants. Copyright © 2004 Economic Society of Australia..

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Article provided by The Economic Society of Australia in its journal The Economic Record.

Volume (Year): 80 (2004)
Issue (Month): 249 (06)
Pages: 239-257
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Handle: RePEc:bla:ecorec:v:80:y:2004:i:249:p:239-257

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  1. Anderson, Kym & Lloyd, Peter J & Maclaren, Donald, 2007. "Distortions to Agricultural Incentives in Australia Since World War II," CEPR Discussion Papers 6436, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  2. Richard G. Harris & Peter E. Robertson, 2007. "Dynamic Adjustments to Terms of Trade Shocks: The USA Productivity Boom and Australia," Discussion Papers 2007-16, School of Economics, The University of New South Wales. [Downloadable!]
  3. Robert Dixon & John Freebairn, 2007. "Hours of Work: A Demand Perspective," Department of Economics - Working Papers Series 1022, The University of Melbourne. [Downloadable!]
  4. Marika Karanassou & Hector Sala, 2008. "Labour Market Dynamics in Australia: What Drives Unemployment?," Discussion Papers 2008-26, School of Economics, The University of New South Wales. [Downloadable!]
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  5. Mullen, J.D. & Scobie, G.M. & Crean, J., 2006. "Trends in Research, Productivity Growth and Competitiveness in Agriculture in New Zealand and Australia," 2006 Conference, August 24-25, 2006, Nelson, New Zealand 31965, New Zealand Agricultural and Resource Economics Society. [Downloadable!]
  6. Andrew Sharpe, 2007. "Lessons for Canada from International Productivity Experience," International Productivity Monitor, Centre for the Study of Living Standards, vol. 14, pages 20-37, Spring. [Downloadable!]
  7. Robert Breunig & Marn-Heong Wong, 2007. "A Richer Understanding of Australia’s Productivity Performance in the 1990s: Improved estimates based upon firm-level panel data," CEPR Discussion Papers 545, Centre for Economic Policy Research, Research School of Social Sciences, Australian National University. [Downloadable!]
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  8. I.K.M. Mokhtarul Wadud & Satya Paul, 2006. "Productivity Growth, Changes in Efficiency and Technical Progress in the Private Sectors of the Australian Economy," Economics Series 2006_14, Deakin University, Faculty of Business and Law, School of Accounting, Economics and Finance. [Downloadable!]
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