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Verdoorn's Law and Increasing Returns to Scale in the UK Regions, 1968-91: Some New Estimates Based on the Cointegration Approach

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  • Harris, Richard I D
  • Lau, Eunice

Abstract

The Johansen approach to estimating long-run cointegration vectors is used with 1968-91 U.K. region by industry data to estimate returns to scale. Thus, this approach has the advantages of including a measure of capital, it overcomes the simultaneity problems associated with the single-equation Verdoorn law, and it involves estimating a correctly specified dynamic model in which is embedded the long-run solutions(s). The results indicate that there is substantial evidence that increasing returns are the norm for the majority of manufacturing industries in British regions. Copyright 1998 by Royal Economic Society.

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Bibliographic Info

Article provided by Oxford University Press in its journal Oxford Economic Papers.

Volume (Year): 50 (1998)
Issue (Month): 2 (April)
Pages: 201-19

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Handle: RePEc:oup:oxecpp:v:50:y:1998:i:2:p:201-19

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Cited by:
  1. Tregenna, Fiona, 2011. "Manufacturing Productivity, Deindustrialization, and Reindustrialization," Working Paper Series UNU-WIDER Research Paper , World Institute for Development Economic Research (UNU-WIDER).
  2. Oliveira, Francisco H.P. & Jayme, Frederico Jr. & Lemos, Mauro B., 2006. "Increasing returns to scale and international diffusion of technology: An empirical study for Brazil (1976-2000)," World Development, Elsevier, vol. 34(1), pages 75-88, January.
  3. Emanuele Millemaci & Ferdinando Ofria, 2014. "Kaldor-Verdoorn's law and increasing returns to scale: A comparison across developed countries," Journal of Economic Studies, Emerald Group Publishing, vol. 41(1), pages 140 - 162, January.
  4. Sandy DALL’ERBA & Rachel GUILLAIN & Julie LE GALLO, 2009. "Impact Of Structural Funds On Regional Growth: How To Reconsider A 9 Year-Old Black Box," Region et Developpement, Region et Developpement, LEAD, Universite du Sud - Toulon Var, vol. 30, pages 77-100.
  5. Fazio, Giorgio & Maltese, Enza & Piacentino, Davide, 2011. "Estimating Verdoorn law for Italian firms and regions," MPRA Paper 35388, University Library of Munich, Germany.
  6. Gilberto Libânio & Sueli Moro, 2011. "Manufacturing Industryand Economic Growth in Latin America," Anais do XXXVII Encontro Nacional de Economia [Proceedings of the 37th Brazilian Economics Meeting] 86, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics].

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