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Produzione, investimenti e produttivitˆ. Rendimenti crescenti e cambiamento strutturale nellÕindustria manifatturiera americana (1960-1994)

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  • Giovanni Bonifati

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    (Università degli Studi di Modena e Reggio Emilia, Dipartimento di Scienze Sociali, Cognitive e Quantitative, Reggio Emilia)

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    Abstract

    The article studies the cross-industry relation between production, investment and productivity in American manufacturing industry, disaggregated to 4-digit, in the period 1960-94. From the empirical analysis it turns out that no strong direct relation between investments and productivity can be observed in the presence of increasing returns by which when the output rises there is a rise both in output per employee and in output per unit of capital employed. For the same reason, the inter-industry differences in productivity growth rates are simultaneously linked, positively, with the growth of output and, negatively, with that of investments. The growth of production and that of new industries are placed in the Smithian perspective of increasing returns stemming from the effects of the increase in the division of labour on the development of the technological and organizational capabilities that can be realized in productive activity as such.

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    File URL: http://ojs.uniroma1.it/index.php/monetaecredito/article/view/9785/9670
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    Bibliographic Info

    Article provided by Economia civile in its journal Moneta e Credito.

    Volume (Year): 55 (2002)
    Issue (Month): 217 ()
    Pages: 19-54

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    Handle: RePEc:psl:moneta:2002:12

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    Related research

    Keywords: Capital; Investment; Manufacturing; Production; Productivity;

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    1. J. Bradford De Long & Lawrence H. Summers, 1990. "Equipment Investment and Economic Growth," NBER Working Papers 3515, National Bureau of Economic Research, Inc.
    2. Blomström, Magnus & Lipsey, Robert E & Zejan, Mario, 1993. "Is Fixed Investment the Key to Economic Growth?," CEPR Discussion Papers, C.E.P.R. Discussion Papers 870, C.E.P.R. Discussion Papers.
    3. Bairam, Erkin, 1990. "Verdoorn's Original Model and the Verdoorn Law Controversy: Some New Empirical Evidence Using the Australian Manufacturing Data," Australian Economic Papers, Wiley Blackwell, Wiley Blackwell, vol. 29(54), pages 107-12, June.
    4. J Malley & V A Muscatelli., . "Business Cycles and Productivity Growth: Are Temporary Downturns Productive or Wasteful?," Working Papers, Business School - Economics, University of Glasgow 9605, Business School - Economics, University of Glasgow.
    5. Laura Power, 1998. "The Missing Link: Technology, Investment, And Productivity," The Review of Economics and Statistics, MIT Press, vol. 80(2), pages 300-313, May.
    6. Luigi Pasinetti, 2000. "Critica della teoria neoclassica della crescita e della distribuzione," Moneta e Credito, Economia civile, Economia civile, vol. 53(210), pages 187-232.
    7. Jones, Charles I, 1995. "Time Series Tests of Endogenous Growth Models," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 110(2), pages 495-525, May.
    8. Eric J. Bartelsman & Wayne Gray, 1996. "The NBER Manufacturing Productivity Database," NBER Technical Working Papers 0205, National Bureau of Economic Research, Inc.
    9. Nelson, Richard R, 1981. "Research on Productivity Growth and Productivity Differences: Dead Ends and New Departures," Journal of Economic Literature, American Economic Association, vol. 19(3), pages 1029-64, September.
    10. J. Bradford DeLong & Lawrence H. Summers, 1992. "Equipment Investment and Economic Growth: How Strong Is the Nexus?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 23(2), pages 157-212.
    11. John W. Kendrick, 1961. "Productivity Trends in the United States," NBER Books, National Bureau of Economic Research, Inc, number kend61-1, October.
    12. Mark Doms & Eric J. Bartelsman, 2000. "Understanding Productivity: Lessons from Longitudinal Microdata," Journal of Economic Literature, American Economic Association, vol. 38(3), pages 569-594, September.
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