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TFP Growth in British and German Manufacturing, 1950-1996

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  • Nicholas Crafts
  • Terence C. Mills

Abstract

This paper considers the accuracy of traditional TFP growth estimates using a methodology that takes account of scale economies, fixed factors of production and adjustment costs to reveal underlying 'pure technological change'. The results suggest that these biases vary substantially over time but do not impact heavily on Anglo-German comparisons. In both countries the early postwar years are a period when adjustment costs from a rising supply price of capital goods hold down TFP growth below that which could have accrued from pure technological progress. As might be expected, this problem largely disappeared in the later globalisation period. Copyright 2005 Royal Economic Society.

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  • Nicholas Crafts & Terence C. Mills, 2005. "TFP Growth in British and German Manufacturing, 1950-1996," Economic Journal, Royal Economic Society, vol. 115(505), pages 649-670, July.
  • Handle: RePEc:ecj:econjl:v:115:y:2005:i:505:p:649-670
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    Cited by:

    1. Crafts, Nicholas, 2010. "The contribution of new technology to economic growth: lessons from economic history," Revista de Historia Económica, Cambridge University Press, vol. 28(03), pages 409-440, December.
    2. György Simon, Jr, 2007. "The Impact Of The British Model On Economic Growth," Economic Annals, Faculty of Economics, University of Belgrade, vol. 52(174-175), pages 45-72, July - De.
    3. Martin Shanahan & Rajabrata Banerjee, 2016. "Aspects of Productivity," Australian Economic History Review, Economic History Society of Australia and New Zealand, vol. 56(2), pages 115-124, July.
    4. Crafts, Nicholas, 2011. "British Relative Economic Decline Revisited," CEPR Discussion Papers 8384, C.E.P.R. Discussion Papers.
    5. Paul Geroski & Tobias Kretschmer & Chris Walters, 2009. "Corporate Productivity Growth: Champions, Leaders, And Laggards," Economic Inquiry, Western Economic Association International, vol. 47(1), pages 1-17, January.
    6. Crafts, Nicholas & O’Rourke, Kevin Hjortshøj, 2014. "Twentieth Century Growth*This research has received funding from the European Research Council under the European Union’s Seventh Framework Programme (FP7/2007-2013) / ERC grant agreement no. 249546.," Handbook of Economic Growth,in: Handbook of Economic Growth, edition 1, volume 2, chapter 6, pages 263-346 Elsevier.
    7. Crafts, Nicholas, 2012. "British relative economic decline revisited: The role of competition," Explorations in Economic History, Elsevier, vol. 49(1), pages 17-29.
    8. Richard Dion & Robert Fay, 2008. "Understanding Productivity: A Review of Recent Technical Research," Discussion Papers 08-3, Bank of Canada.
    9. Crafts, Nicholas & Toniolo, Gianni, 2008. "European Economic Growth, 1950-2005: An Overview," CEPR Discussion Papers 6863, C.E.P.R. Discussion Papers.

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