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The Contribution of Manufacturing to Long-Term Economic Growth

Author

Listed:
  • Jerry Jasinowski

    (National Association of Manufacturers)

Abstract

Contrary to a widespread perception of industrial decline, the ratio of manufacturing output to GDP has remained relatively stable during the postwar period. The decline in manufacturing employment from its 1979 peak has been accompanied by an acceleration in productivity, with the result that value-added in manufacturing has maintained its historic share of aggregate output. Estimation of production functions including the R&D stock as a measure of technology suggest that the largest increases in multifactor productivity in manufacturing are primarily attributable to technological advance. There is also some evidence of increasing returns to scale. The most promising source of scale effects has to do with the increased penetration of foreign markets by American manufactured exports. Scale effects from international trade and technological advance from industrial R&D play a major role in determining the economy's long-term rate.

Suggested Citation

  • Jerry Jasinowski, 1992. "The Contribution of Manufacturing to Long-Term Economic Growth," Eastern Economic Journal, Eastern Economic Association, vol. 18(1), pages 65-72, Winter.
  • Handle: RePEc:eej:eeconj:v:18:y:1992:i:1:p:65-72
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    File URL: http://web.holycross.edu/RePEc/eej/Archive/Volume18/V18N1P65_72.pdf
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    Citations

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    Cited by:

    1. Rubina Vohra, 1998. "Convergence (divergence) and the U.S. states," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 26(4), pages 372-378, December.
    2. Rubina Vohra, 1997. "An empirical investigation of forces influencing productivity and the rate of convergence among states," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 25(4), pages 412-419, December.
    3. Zoran Aralica & Nebojsa Stojcic, 2015. "Regional Patterns of Deindustrialization and Prospects for Reindustrialization in South and Central East European Countries," wiiw Balkan Observatory Working Papers 118, The Vienna Institute for International Economic Studies, wiiw.

    More about this item

    Keywords

    Economic Growth; Growth; Manufacturing; Productivity; Technology;

    JEL classification:

    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General
    • L60 - Industrial Organization - - Industry Studies: Manufacturing - - - General

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