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An Economic Approach to Identifying the Drivers of Productivity Change in the Market Sectors of the Australian Economy

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This paper uses a relatively new total factor productivity (TFP) index to measure productivity change in the Australian economy. Unlike the TFP indexes used by most statistical agencies, the index used in this paper satisfies a suite of common sense axioms from index number theory. It can also be exhaustively decomposed into measures of technical change, environmental change, and various types of efficiency change. This paper uses least squares methods to estimate these components. The main driver of productivity change in the Australian economy is found to have been scale-mix efficiency change. Scale-mix efficiency is a measure of how well a firm is capturing economies of scale and scope.

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File URL: http://www.uq.edu.au/economics/cepa/docs/WP/WP022014.pdf
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Paper provided by School of Economics, University of Queensland, Australia in its series CEPA Working Papers Series with number WP022014.

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Date of creation: Feb 2014
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Handle: RePEc:qld:uqcepa:93

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  1. C.J. O'Donnell, 2010. "Nonparametric Estimates Of The Components Of Productivity And Profitability Change In U.S. Agriculture," CEPA Working Papers Series, School of Economics, University of Queensland, Australia WP022010, School of Economics, University of Queensland, Australia.
  2. Geweke, John, 1986. "Exact Inference in the Inequality Constrained Normal Linear Regression Model," Journal of Applied Econometrics, John Wiley & Sons, Ltd., John Wiley & Sons, Ltd., vol. 1(2), pages 127-41, April.
  3. Mary O'Mahony & Marcel P. Timmer, 2009. "Output, Input and Productivity Measures at the Industry Level: The EU KLEMS Database," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 119(538), pages F374-F403, 06.
  4. Meeusen, Wim & van den Broeck, Julien, 1977. "Efficiency Estimation from Cobb-Douglas Production Functions with Composed Error," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 18(2), pages 435-44, June.
  5. Nadiri, M Ishaq, 1970. "Some Approaches to the Theory and Measurement of Total Factor Productivity: A Survey," Journal of Economic Literature, American Economic Association, American Economic Association, vol. 8(4), pages 1137-77, December.
  6. Aigner, Dennis & Lovell, C. A. Knox & Schmidt, Peter, 1977. "Formulation and estimation of stochastic frontier production function models," Journal of Econometrics, Elsevier, Elsevier, vol. 6(1), pages 21-37, July.
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