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International comparison of the sources of productivity slowdown 1973-1982

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  • Helliwell, John F.
  • Sturm, Peter H.
  • Salou, Gerard

Abstract

This paper uses an integrated model of aggregate supply to analyze the post-1973 slowdown in productivity growth in the seven major OECD economies. Factor substitution, unexpected demand changes, profitability, and inventory disequilibrium all contribute to the explanation, which is based on a three-factor nested aggregate production function, including energy, and postulating Harrod-neutral disembodied technical progress. The model is first applied separately to the seven countries assuming constant (though country-specific) rates of technical progress. This model provides empirical evidence that this rate of progress has in fact slowed down for several of the faster-growing countries, even after adjusting for factor substitution and cyclical factors. The model is therefore re-estimated, and the sources of productivity decline recalculated, on the hypothesis that rates of efficiency growth in other countries are converging to those in the United States.
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Suggested Citation

  • Helliwell, John F. & Sturm, Peter H. & Salou, Gerard, 1985. "International comparison of the sources of productivity slowdown 1973-1982," European Economic Review, Elsevier, vol. 28(1-2), pages 157-191.
    • Handle: RePEc:eee:eecrev:v:28:y:1985:i:1-2:p:157-191
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    Cited by:

    1. John F. Helliwell & Alan Chung, 1991. "Macroeconomic Convergence: International Transmission of Growth and Technical Progress," NBER Chapters, in: International Economic Transactions: Issues in Measurement and Empirical Research, pages 388-436, National Bureau of Economic Research, Inc.
    2. John F. Helliwell, 1994. "International Growth Linkages: Evidence from Asia and the OECD," NBER Chapters, in: Macroeconomic Linkage: Savings, Exchange Rates, and Capital Flows, pages 7-29, National Bureau of Economic Research, Inc.

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