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Resource Intensive Production and Aggregate Economic Performance

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  • Ian Keay

    ()
    (Queen's University)

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Abstract

The main objective of this paper is to determine whether specialization in resource intensive production had a positive impact on the performance of the aggregate Canadian economy over the 1970-2005 period. Specialization is simply measured as the proportion of aggregate employment, the aggregate fixed capital stock, and G.N.P. that may be attributed to Canada's energy, fishing, forestry, and mining industries. Direct contributions to intensive, or per capita performance are measured in terms of the resource industries' profitability, productivity, and capital intensity. Indirect contributions to economic performance are measured in terms of spill overs, or linkages to other non-resource intensive industries through raw material price advantages and demand generation. The possibility that resource intensive production may have been crowding out other sectors in the economy through input price inflation or currency appreciation is also investigated. Based on the evidence, I argue that Canada's resource industries were making a substantial positive impact on aggregate economic performance after 1970, but this conclusion depends on the inclusion of the energy industries in resource sector.

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File URL: http://qed.econ.queensu.ca/working_papers/papers/qed_wp_1176.pdf
File Function: First version 2008
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Bibliographic Info

Paper provided by Queen's University, Department of Economics in its series Working Papers with number 1176.

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Length: 36 pages
Date of creation: Jul 2008
Date of revision:
Handle: RePEc:qed:wpaper:1176

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Keywords: Resource Dependence; Spill Overs; Crowding Out; Resource Based Growth;

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  1. Easterbrook, W. T., 1959. "Recent Contributions to Economic History: Canada," The Journal of Economic History, Cambridge University Press, vol. 19(01), pages 76-102, March.
  2. William Nordhaus, 2004. "Retrospective on the 1970s Productivity Slowdown," NBER Working Papers 10950, National Bureau of Economic Research, Inc.
  3. Robert J. Gordon, 2000. "Does the "New Economy" Measure up to the Great Inventions of the Past?," NBER Working Papers 7833, National Bureau of Economic Research, Inc.
  4. Beckstead, Desmond & Brown, Mark & Gellatly, Guy & Seaborn, Catherine, 2004. "Assessing the Growth of the New Economy across Canadian Cities and Regions: 1990-2000," Journal of Regional Analysis and Policy, Mid-Continent Regional Science Association, vol. 34(2).
  5. William D. Nordhaus, 2001. "Productivity Growth and the New Economy," NBER Working Papers 8096, National Bureau of Economic Research, Inc.
  6. Surendra Gera & Kurt Mang, 1998. "The Knowledge-Based Economy: Shifts in Industrial Output," Canadian Public Policy, University of Toronto Press, vol. 24(2), pages 149-184, June.
  7. Corden, W M, 1984. "Booming Sector and Dutch Disease Economics: Survey and Consolidation," Oxford Economic Papers, Oxford University Press, vol. 36(3), pages 359-80, November.
  8. Ramzi Issa & Robert Lafrance & John Murray, 2008. "The turning black tide: energy prices and the Canadian dollar," Canadian Journal of Economics, Canadian Economics Association, vol. 41(3), pages 737-759, August.
  9. Allen, Robert C & Diewert, W Erwin, 1981. "Direct versus Implicit Superlative Index Number Formulae," The Review of Economics and Statistics, MIT Press, vol. 63(3), pages 430-35, August.
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