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The Aggregate Production Function and Productivity Growth: Verdoorn's Law Revisited

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  • Jefferson, Gary H

Abstract

This paper expands the Verdoorn model to include factor substitutes for labor, short-run productivity dynamics, and specific economic processes through which the growth of output may induce productivity growth. The paper compares the level and rate-of-change versions of three models. Estimated with U.S. manufacturing data, the level version of a model incorporating scale economies, economies of agglomeration, and learning-by-doing outperforms the other models. The retardation of scale effects during 1974-83 is found to explain most of the productivity slowdown during this period. Copyright 1988 by Royal Economic Society.

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  • Jefferson, Gary H, 1988. "The Aggregate Production Function and Productivity Growth: Verdoorn's Law Revisited," Oxford Economic Papers, Oxford University Press, vol. 40(4), pages 671-691, December.
    • Handle: RePEc:oup:oxecpp:v:40:y:1988:i:4:p:671-91
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    Cited by:

    1. Sergio Destefanis, 2002. "The Verdoorn Law: Some Evidence from Non-Parametric Frontier Analysis," Palgrave Macmillan Books, in: John McCombie & Maurizio Pugno & Bruno Soro (ed.), Productivity Growth and Economic Performance, chapter 6, pages 136-164, Palgrave Macmillan.
    2. Ute Pieper, 2003. "Sectoral regularities of productivity growth in developing countries--a Kaldorian interpretation," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 27(6), pages 831-850, November.
    3. Pieper, Ute, 2000. "Sectoral regularities of productivity growth in developing countries - A Kaldorian interpretation," Research Memorandum 030, Maastricht University, Maastricht Economic Research Institute on Innovation and Technology (MERIT).
    4. Manzoor Ahmad & Jianghuai Zheng, 2023. "The Cyclical and Nonlinear Impact of R&D and Innovation Activities on Economic Growth in OECD Economies: a New Perspective," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 14(1), pages 544-593, March.
    5. Concetta Castiglione, 2011. "Verdoorn-Kaldor’s Law: an empirical analysis with time series data in the United States," Advances in Management and Applied Economics, SCIENPRESS Ltd, vol. 1(3), pages 1-8.
    6. Nicholas Apergis & Spyros Zikos, 2003. "The Law of Verdoorn: Evidence from Greek Disaggregated Manufacturing Time Series Data," The Economic and Social Review, Economic and Social Studies, vol. 34(1), pages 87-104.
    7. Reyer Gerlagh, 2004. "A Climate-Change Policy Induced Shift from Innovations in Energy Production to Energy Savings," Working Papers 2004.128, Fondazione Eni Enrico Mattei.

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