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Heterogeneity, Trust, Human Capital and Productivity Growth: Decomposition Analysis

  • Eiji Yamamura
  • Inyong Shin

This paper uses panel data from Japan to decompose productivity growth measured by the growth of output per labour unit into three components of efficiency improvement, capital accumulation and technological progress. It then examines their determinants through a dynamic panel model. This paper focuses on how inequality, trust and humans affect the above components. The main findings derived from empirical estimations are: (1) Inequality impedes not only improvements in efficiency but also capital accumulation. (2) A degree of trust promotes efficiency improvements and capital accumulation at the same time. However, human capital merely enhances improvements in efficiency.

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Article provided by Economics and Econometrics Society in its journal Journal of Economics and Econometrics.

Volume (Year): 55 (2012)
Issue (Month): 2 ()
Pages: 51-77

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Handle: RePEc:eei:journl:v:55:y:2012:i:2:p:51-77
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  1. Hongyi Li & Heng-fu Zou, 1998. "Income Inequality Is Not Harmful for Growth: Theory and Evidence," CEMA Working Papers 74, China Economics and Management Academy, Central University of Finance and Economics.
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