Aggregate returns to scale in Greek manufacturing
This paper takes an imperfect competition model of the economy in order to investigate for retuns to scale in Greek manufacturing and examines, through a small-scale macroeconomic model, the implication of estimates. For this purpose a price, wage and demand for output equations are estimated, using annual data for the period 1954-94. Prices come through the profits maximization process and depend on wage, capital rental, demand and a number of other variables denoing technology and market competition. Results are clearly in favour of increasing returns to scale hypothesis, although alternative explanations for the negative demand effect on prices cannot be excluded.
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Volume (Year): 29 (1997)
Issue (Month): 12 ()
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References listed on IDEAS
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- Paul M Romer, 1999.
"Increasing Returns and Long-Run Growth,"
Levine's Working Paper Archive
2232, David K. Levine.
- Alogoskoufis, George, 1987. "Competitiveness, Wage Adjustment and Macroeconomic Policy in a Small Open Economy," CEPR Discussion Papers 215, C.E.P.R. Discussion Papers.
- Manning, Alan, 1992.
"Multiple equilibria in the British labour market : Some empirical evidence,"
European Economic Review,
Elsevier, vol. 36(7), pages 1333-1365, October.
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- Layard, Richard & Nickell, Stephen, 1986. "Unemployment in Britain," Economica, London School of Economics and Political Science, vol. 53(210(S)), pages S121-69, Supplemen.
- Bils, Mark, 1987. "The Cyclical Behavior of Marginal Cost and Price," American Economic Review, American Economic Association, vol. 77(5), pages 838-55, December.
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