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Produzione, investimenti e produttivitˆ. Rendimenti crescenti e cambiamento strutturale nellÕindustria manifatturiera americana (1960-1994)

Author

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  • Giovanni Bonifati

    () (Università degli Studi di Modena e Reggio Emilia, Dipartimento di Scienze Sociali, Cognitive e Quantitative, Reggio Emilia)

Abstract

The article studies the cross-industry relation between production, investment and productivity in American manufacturing industry, disaggregated to 4-digit, in the period 1960-94. From the empirical analysis it turns out that no strong direct relation between investments and productivity can be observed in the presence of increasing returns by which when the output rises there is a rise both in output per employee and in output per unit of capital employed. For the same reason, the inter-industry differences in productivity growth rates are simultaneously linked, positively, with the growth of output and, negatively, with that of investments. The growth of production and that of new industries are placed in the Smithian perspective of increasing returns stemming from the effects of the increase in the division of labour on the development of the technological and organizational capabilities that can be realized in productive activity as such.

Suggested Citation

  • Giovanni Bonifati, 2002. "Produzione, investimenti e produttivitˆ. Rendimenti crescenti e cambiamento strutturale nellÕindustria manifatturiera americana (1960-1994)," Moneta e Credito, Economia civile, vol. 55(217), pages 19-54.
  • Handle: RePEc:psl:moneta:2002:12
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    File URL: http://ojs.uniroma1.it/index.php/monetaecredito/article/view/9785/9670
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    References listed on IDEAS

    as
    1. Malley, Jim & Muscatelli, V. Anton, 1999. "Business cycles and productivity growth: Are temporary downturns productive or wasteful?," Research in Economics, Elsevier, vol. 53(4), pages 337-364, December.
    2. Charles I. Jones, 1995. "Time Series Tests of Endogenous Growth Models," The Quarterly Journal of Economics, Oxford University Press, vol. 110(2), pages 495-525.
    3. John W. Kendrick, 1961. "Productivity Trends in the United States," NBER Books, National Bureau of Economic Research, Inc, number kend61-1, January.
    4. J. Bradford De Long & Lawrence H. Summers, 1991. "Equipment Investment and Economic Growth," The Quarterly Journal of Economics, Oxford University Press, vol. 106(2), pages 445-502.
    5. J. Bradford DeLong & Lawrence H. Summers, 1992. "Equipment Investment and Economic Growth: How Strong Is the Nexus?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 23(2), pages 157-212.
    6. Mark Doms & Eric J. Bartelsman, 2000. "Understanding Productivity: Lessons from Longitudinal Microdata," Journal of Economic Literature, American Economic Association, vol. 38(3), pages 569-594, September.
    7. Laura Power, 1998. "The Missing Link: Technology, Investment, And Productivity," The Review of Economics and Statistics, MIT Press, vol. 80(2), pages 300-313, May.
    8. Eric J. Bartelsman & Wayne Gray, 1996. "The NBER Manufacturing Productivity Database," NBER Technical Working Papers 0205, National Bureau of Economic Research, Inc.
    9. Bairam, Erkin, 1990. "Verdoorn's Original Model and the Verdoorn Law Controversy: Some New Empirical Evidence Using the Australian Manufacturing Data," Australian Economic Papers, Wiley Blackwell, vol. 29(54), pages 107-112, June.
    10. Luigi Pasinetti, 2000. "Critica della teoria neoclassica della crescita e della distribuzione," Moneta e Credito, Economia civile, vol. 53(210), pages 187-232.
    11. Magnus Blomström & Robert E. Lipsey & Mario Zejan, 1996. "Is Fixed Investment the Key to Economic Growth?," The Quarterly Journal of Economics, Oxford University Press, vol. 111(1), pages 269-276.
    12. Nelson, Richard R, 1981. "Research on Productivity Growth and Productivity Differences: Dead Ends and New Departures," Journal of Economic Literature, American Economic Association, vol. 19(3), pages 1029-1064, September.
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    More about this item

    Keywords

    Capital; Investment; Manufacturing; Production; Productivity;

    JEL classification:

    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • L60 - Industrial Organization - - Industry Studies: Manufacturing - - - General
    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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