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Accounting for the Economic Growth of Firms in UK Manufacturing since 1973

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  • Hart, Peter E

Abstract

The dual relationship between the growth of total factor productivity and the growth of the price differential between inputs and outputs is used to decompose productivity changes since 1973. The decline in total factor productivity, 1973-79, is best explained by the dual increase in the average output-price/input-price differential resulting from the squeeze in profit rates. In 1979-86, the average increase in total factor productivity was not significantly different from zero: there was no Thatcher productivity miracle. Growth of output is determined primarily by growth of inputs and not by general increases in efficiency. (c) 1996 Academic Press Limited Copyright 1996 by Oxford University Press.

Suggested Citation

  • Hart, Peter E, 1996. "Accounting for the Economic Growth of Firms in UK Manufacturing since 1973," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 20(2), pages 225-242, March.
  • Handle: RePEc:oup:cambje:v:20:y:1996:i:2:p:225-42
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    Cited by:

    1. Belegri-Roboli, Athena & Michaelides, Panayotis G. & Markaki, Maria, 2007. "Input - Output Modelling of Labour Productivity and the Working Time in Greece," MPRA Paper 74453, University Library of Munich, Germany.
    2. Konstantakis, Konstantinos N. & Michaelides, Panayotis G., 2017. "Technology and Business Cycles: A Schumpeterian Investigation for the USA," MPRA Paper 80636, University Library of Munich, Germany.

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