Globalization and Structural Changes in the Indian Industrial Sector: An Analysis of Production Functions
AbstractThis study investigates the structural changes in the manufacturing sector of India brought about by liberalization and globalization of the economy. Structural changes in terms of employment of labor and capital, indicated by replacement of the former by the latter, and changes in returns to scale have been examined by estimating Constant Elasticity of Substitution (CES), Zellner-Revankar, Transcendental, Diewert and Bruno’s production functions. State-wise data for 1990-91 and 2003-04 have been analyzed. The findings have indicated that the rise in industrial output during the reference period is accountable to substitution of capital for labor in almost all states. The elasticity of substitution has declined for most of the states. In the pre-globalization period, the industries experienced increasing returns to scale. Globalization has given way to diminishing returns to scale. Along with a rise in industrial output, globalization has led to a decline in regional disparities in terms of population-deflated indices of employment of manpower and capital, and the resultant output.
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Bibliographic InfoArticle provided by IUP Publications in its journal The IUP Journal of Managerial Economics.
Volume (Year): V (2007)
Issue (Month): 4 (November)
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Other versions of this item:
- S.K. Mishra, 2007. "Globalization and Structural Changes in the Indian Industrial Sector: An Analysis of Production Functions," Working Papers id:788, eSocialSciences.
- Mishra, SK, 2006. "Globalization and Structural Changes in the Indian Industrial Sector: An Analysis of Production Functions," MPRA Paper 1231, University Library of Munich, Germany.
- O47 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
- D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
- C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models &bull Diffusion Processes
- O53 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East
- L60 - Industrial Organization - - Industry Studies: Manufacturing - - - General
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