This file is part of IDEAS, which uses RePEc data


[ Papers | Articles | Software | Books | Chapters | Authors | Institutions | JEL Classification | NEP reports | Search | New papers by email | Author registration | Rankings | Volunteers | FAQ | Blog | Help! ]

External Capital Factors And Increasing Returns In U.S. Manufacturing

Author info | Abstract | Publisher info | Download info | Related research | Statistics
Author Info
Catherine J. Morrison
Donald Siegel

Additional information is available for the following registered author(s):

Abstract

Theoretical models of endogenous growth identify capital accumulation and returns as a potential stimulus to economic growth. Existing empirical studies, however, are based on a limited notion of these returns, which follows from the simple production function framework used for estimation. The purpose of this study is to examine growth issues using dynamic cost function estimation. This methodology enables us to broaden the concept of returns to include returns arising from short-run quasi-fixity of private capital, long-run (internal) scale economies, and external "knowledge" factors-overall investment in research (R&D), technology (high-tech capital), and education (human capital). Based on detailed industry-level data, we find evidence of increasing returns to scale arising from cost savings on variable inputs, although diminishing returns to capital are prevalent. Our results also show that knowledge factors augment growth. More importantly, they appear to explain a substantial proportion of measured scale economies. "The notion of externalities as a source of increasing returns and productivity growth has a long history in economics," that has experienced a "recent reawakening of interest." Griliches (1991) © 2000 by the President and Fellows of Harvard College and the Massachusetts Institute of Technolog

Download Info
To download:

If you experience problems downloading a file, check if you have the proper application to view it first. Information about this may be contained in the File-Format links below. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL: http://www.catchword.com/cgi-bin/cgi?ini=bc&body=linker&reqidx=0034-6535(19971101)79:4L.647;1-
File Format: text/html
File Function:
Download Restriction: Access to full text is restricted to subscribers.

As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.

Publisher Info
Article provided by MIT Press in its journal The Review of Economics and Statistics.

Volume (Year): 79 (1997)
Issue (Month): 4 (November)
Pages: 647-654
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Handle: RePEc:tpr:restat:v:79:y:1997:i:4:p:647-654

Contact details of provider:
Web page: http://mitpress.mit.edu/journals/

Order Information:
Web: http://mitpress.mit.edu/journal-home.tcl?issn=00346535

For technical questions regarding this item, or to correct its listing, contact: (Christopher F. Baum).

Related research
Keywords:

Other versions of this item:

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)
  1. Claudio Piga & Donald S. Siegel, 2003. "New Evidence on the Link between Technological Change and Employment: Extending the Neo-Classical Paradigm," Rensselaer Working Papers in Economics 0303, Rensselaer Polytechnic Institute, Department of Economics. [Downloadable!]
  2. Moreno, Rosina & Lopez-Bazo, Enrique & Artis, Manuel, 2002. "Evaluating the optimality of Spanish industry (1980-1993)," ERSA conference papers ersa02p353, European Regional Science Association. [Downloadable!]
  3. Girma, Sourafel & Görg, Holger, 2002. "Foreign Ownership, Returns to Scale and Productivity: Evidence from UK Manufacturing Establishments," CEPR Discussion Papers 3503, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
  4. Jeffrey Cohen, 2006. "The impacts of education spending and finance reform on manufacturing property shadow values: a cost function approach," Journal of Productivity Analysis, Springer, vol. 26(2), pages 181-190, October. [Downloadable!] (restricted)
  5. Hossain, Ferdaus & Jain, Ruchi, 2001. "Financial Structure, Production and Productivity Growth in U.S. Food Manufacturing Industry," 2001 Annual meeting, August 5-8, Chicago, IL 20756, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  6. Esposti, Roberto & Pierani, Pierpaolo, 2002. "Public R&D Investment and Cost Behaviour in Italian Agriculture: 1960-1995," 2002 International Congress, August 28-31, 2002, Zaragoza, Spain 24974, European Association of Agricultural Economists. [Downloadable!]
  7. Rouben Indjikain & Donald S. Siegel, 2004. "The Impact of Investment in IT on Economic Performance: Implications for Developing Countries," Rensselaer Working Papers in Economics 0414, Rensselaer Polytechnic Institute, Department of Economics. [Downloadable!]
    Other versions:
  8. Catherine J. MORRISON & Donald SIEGEL, 1997. "Automation Or Openness?: Technology And Trade Impacts On Costs And Labor Composition In The Food System," Department of Resource Economics Regional Research Project 965, University of Massachusetts. [Downloadable!]
    Other versions:
  9. Kevin J Fox, 2005. "Returns to Scale, Technical Progress and Total Factor Productivity Growth in New Zealand Industries," Treasury Working Paper Series 05/04, New Zealand Treasury. [Downloadable!]
  10. Lullit Getachew & Robin C. Sickles, 2007. "The policy environment and relative price efficiency of Egyptian private sector manufacturing: 1987|88-1995|96," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 22(4), pages 703-728. [Downloadable!]
  11. Henrekson, Magnus & Rosenberg, Nathan, 2000. "Designing Efficient Institutions for Science-Based Entrepreneurship: Lessons from the US and Sweden," Working Paper Series in Economics and Finance 410, Stockholm School of Economics. [Downloadable!]
    Other versions:
  12. Rosina Moreno, 1998. "Public infrastructure, private capital and the performance of manufactures: short and long run effects," ERSA conference papers ersa98p165, European Regional Science Association. [Downloadable!]
  13. Jens J. Krueger, 2003. "On the Dynamics of the U.S. Manufacturing Productivity Distribution," Jenaer Schriften zur Wirtschaftswissenschaft 05/2003, Friedrich-Schiller-Universität Jena, Wirtschaftswissenschaftliche Fakultät. [Downloadable!]
  14. Yasuo Nakanishi, 2005. "Empirical evidence of externalities of IT capital in Japan," Economics Bulletin, Economics Bulletin, vol. 15(18), pages 1-11. [Downloadable!]
  15. Esposti, Roberto & Pierani, Pierpaolo, 2003. "Public R&D Investment From Private And Social Perspective. An Application To Italian Agriculture, 1960-1995," 2003 Annual Meeting, August 16-22, 2003, Durban, South Africa 25876, International Association of Agricultural Economists. [Downloadable!]
Statistics
Access and download statistics

Did you know? You can import bibliographic info in various formats into you bibliographic tool, or just into your word processor. See under "publisher info" on each abstract page.

This page was last updated on 2009-11-16.

This information is provided to you by IDEAS at the Department of Economics, College of Liberal Arts and Sciences, University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics.