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Reassessing the validity of Verdoorn's law under conditions of spatial dependence: a case study of the Greek regions

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  • Stilianos Alexiadis
  • Dimitrios Tsagdis

Abstract

Verdoorn's Law implies that the process of growth is a cumulative one with the "manufacturing advanced" economies growing at the expense of their "less-advanced" counterparts. This paper tests a range of conventional and spatial specifications of Verdoorn's Law across the Greek regions. The findings indicate that the law holds in the case of Greece and that the spatial models (and the spatial-error one, in particular) perform better than the conventional ones. The results indicate that, in the long run, the process of "cumulative causation" can and does slow down in favor of the less-advanced regions.

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Bibliographic Info

Article provided by M.E. Sharpe, Inc. in its journal Journal of Post Keynesian Economics.

Volume (Year): 29 (2006)
Issue (Month): 1 (October)
Pages: 149-170

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Handle: RePEc:mes:postke:v:29:y:2006:i:1:p:149-170

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Web page: http://mesharpe.metapress.com/link.asp?target=journal&id=109348

Related research

Keywords: Greek regions; regional economic growth; Verdoorn's law;

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Cited by:
  1. Martinho, Vítor João Pereira Domingues, 2011. "What the keynesian theory said about Portugal?," MPRA Paper 32610, University Library of Munich, Germany.
  2. Gianfranco Piras & Paolo Postiglione & Patricio Aroca, 2012. "Specialization, R&D and productivity growth: evidence from EU regions," The Annals of Regional Science, Springer, Springer, vol. 49(1), pages 35-51, August.
  3. Viego, Valentina, 2010. "Rendimientos crecientes, costos de transporte, eslabonamientos verticales y asimetrías regionales persistentes
    [Increasing returns, transport costs, vertical linkages and persistent regional inequ
    ," MPRA Paper 26881, University Library of Munich, Germany, revised 04 Aug 2010.

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