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Measuring the New Zealand transaction sector, 1956-98, with an Australian comparison

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  • Tim Hazledine

Abstract

This paper uses a modification of the Wallis and North (1986) method to generate estimates of the size of the transaction sector in New Zealand from 1956 to 1996, encompassing the pre-1984 period of unusually stringent (by OECD standards) restrictions and controls on the extent of market activity, followed by the liberalisation reforms of 1984-91. The ratio of transaction to 'transformation' (production) employees increased quite slowly for the first twenty five years, then increases sharply in the 1980s, before stabilising in the 1990s at about 0.68, implying two workers in five occupied in transaction activities. The most striking increase is in the number of managers, which more than quadrupled. Because of this, the share of transaction employment is by now higher than in Australia.

Suggested Citation

  • Tim Hazledine, 2001. "Measuring the New Zealand transaction sector, 1956-98, with an Australian comparison," New Zealand Economic Papers, Taylor & Francis Journals, vol. 35(1), pages 77-100.
    • Handle: RePEc:taf:nzecpp:v:35:y:2001:i:1:p:77-100
    DOI: 10.1080/00779950109544333
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    References listed on IDEAS

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    1. Engelbrecht, Hans-Jurgen, 1997. "A comparison and critical assessment of Porat and Rubin's information economy and Wallis and North's transaction sector1," Information Economics and Policy, Elsevier, vol. 9(4), pages 271-290, December.
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    Cited by:

    1. Grimes, Arthur & Le Vaillant, Jason & McCann, Philip, 2011. "Auckland's Knowledge Economy: Australasian and European Comparisons," Occasional Papers 11/2, Ministry of Economic Development, New Zealand.
    2. Kuzmin, Evgeny A. & Berdyugina, Oksana N. & Karkh, Dmitri A., 2015. "Conceptual Challenges of Observability for Transaction Sector in Economy," MPRA Paper 66168, University Library of Munich, Germany, revised Jun 2015.
    3. Guillaume Daudin, 2006. "Paying Transaction Costs," Documents de Travail de l'OFCE 2006-14, Observatoire Francais des Conjonctures Economiques (OFCE).
    4. repec:hal:wpspec:info:hdl:2441/942 is not listed on IDEAS
    5. Debasis Bandyopadhyay, 2004. "Why haven't economic reforms increased productivity growth in New Zealand?," New Zealand Economic Papers, Taylor & Francis Journals, vol. 38(2), pages 219-240.
    6. repec:hal:spmain:info:hdl:2441/942 is not listed on IDEAS
    7. repec:spo:wpecon:info:hdl:2441/942 is not listed on IDEAS

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