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

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

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Kevin J. Fox
W. Erwin Diewert

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Walter Erwin Diewert

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

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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:
- Paolo Epifani & Gino Gancia, 2002. "The Skill Bias of World Trade," CESPRI Working Papers 129, CESPRI, Centre for Research on Innovation and Internationalisation, Universita' Bocconi, Milano, Italy, revised Mar 2001. [Downloadable!]
- Epifani, Paolo & Gancia, Gino, 2002. "The Skill Bias of World Trade," Seminar Papers 707, Stockholm University, Institute for International Economic Studies. [Downloadable!]
- Paolo Epifani & Gino Gancia, 2008. "The Skill Bias of World Trade," Economic Journal, Royal Economic Society, vol. 118(530), pages 927-960, 07. [Downloadable!] (restricted)
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!]
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:
- Inklaar, Robert, 2005. "Cyclical productivity in Europe and the United States, evaluating the evidence on returns to scale and input utilization," GGDC Research Memorandum 200574, Groningen Growth and Development Centre, University of Groningen. [Downloadable!]
- Robert Inklaar, 2007. "Cyclical Productivity in Europe and the United States: Evaluating the Evidence on Returns to Scale and Input Utilization," Economica, London School of Economics and Political Science, vol. 74(296), pages 822-841, November. [Downloadable!] (restricted)

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