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On the Estimation of Returns to Scale, Technical Progress and Monopolistic Markups

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Author Info
Kevin J. Fox
W. Erwin Diewert

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Abstract

This paper derives a number of theoretical results in the context of estimating returns to scale, technical progress and monopolistic markups when there are multiple outputs and/or multiple inputs. The choice between value added versus gross output in the estimation of returns to scale is also addressed, including consideration of problems that arise in aggregation across sectors of an economy. As an illustration, we use US data on manufacturing at the aggregate, sector and industry levels, and find evidence of strong increasing returns to scale across all levels of aggregation. Technical progress is typically found to be insignificant implying that, contrary to many previous results, US economic growth has been driven by increasing returns to scale rather than technical progress. Such findings have important implications for the macroeconomic modeling of economic fluctuatio

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Publisher Info
Paper provided by Econometric Society in its series Econometric Society 2004 Australasian Meetings with number 310.

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Date of creation: 11 Aug 2004
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Handle: RePEc:ecm:ausm04:310

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Related research
Keywords: Productivity Growth Technical Progress Returns to Scale Aggregation

Find related papers by JEL classification:
D24 - Microeconomics - - Production and Organizations - - - Production; Capital and Total Factor Productivity; Capacity

Cited by:
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  1. Paolo Epifani & Gino Gancia, 2004. "The Skill Bias of World Trade," Economics Working Papers 833, Department of Economics and Business, Universitat Pompeu Fabra, revised Mar 2007. [Downloadable!]
    Other versions:
  2. 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!]
  3. Inklaar, Robert, 2006. "Cyclical Productivity in Europe and the United States, Evaluating the Evidence on Returns to Scale and Input Utilization," CEPR Discussion Papers 5501, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
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