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The Contribution of Manufacturing to Long-Term Economic Growth

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  • Jerry Jasinowski

    (National Association of Manufacturers)

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    Abstract

    Contrary to a widespread perception of industrial decline, the ratio of manufacturing output to GDP has remained relatively stable during the postwar period. The decline in manufacturing employment from its 1979 peak has been accompanied by an acceleration in productivity, with the result that value-added in manufacturing has maintained its historic share of aggregate output. Estimation of production functions including the R&D stock as a measure of technology suggest that the largest increases in multifactor productivity in manufacturing are primarily attributable to technological advance. There is also some evidence of increasing returns to scale. The most promising source of scale effects has to do with the increased penetration of foreign markets by American manufactured exports. Scale effects from international trade and technological advance from industrial R&D play a major role in determining the economy's long-term rate.

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    File URL: http://college.holycross.edu/RePEc/eej/Archive/Volume18/V18N1P65_72.pdf
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    Bibliographic Info

    Article provided by Eastern Economic Association in its journal Eastern Economic Journal.

    Volume (Year): 18 (1992)
    Issue (Month): 1 (Winter)
    Pages: 65-72

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    Handle: RePEc:eej:eeconj:v:18:y:1992:i:1:p:65-72

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    Postal: c/o Dr. Alexandre Olbrecht, The Anisfield School of Business 205, Ramapo College, 505 Ramapo Valley Road, Ramapo, New Jersey 07430, USA
    Phone: (201) 684-7346
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    Web page: http://www.ramapo.edu/eea/journal.html
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    Related research

    Keywords: Economic Growth; Growth; Manufacturing; Productivity; Technology;

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    Cited by:
    1. Rubina Vohra, 1998. "Convergence (divergence) and the U.S. states," Atlantic Economic Journal, International Atlantic Economic Society, vol. 26(4), pages 372-378, December.
    2. Rubina Vohra, 1997. "An empirical investigation of forces influencing productivity and the rate of convergence among states," Atlantic Economic Journal, International Atlantic Economic Society, vol. 25(4), pages 412-419, December.

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