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The Keynesian theory and the manufactured industry in Portugal

  • Vitor Joao Pereira Domingues Martinho

About the economic growth the Keynesian theorists defend circular and cumulative processes, benefiting the rich localities and harming the poorest, without external interventions. In these processes the Verdoorn law has an important role. For Verdoorn (1949) the productivity growth rate is endogenous and depends of the output growth rate, capturing dynamic contexts, endogeneity of the factors and increasing economies of scale, namely in the industry. This relationship later becomes the second law of Kaldor (1966 and 1967). For Portugal there are few works or none, than those of the author, with the Verdoorn law. In this way, seem important analyze this relationship for the manufactured industry of the Portuguese regions and conclude about these contexts in Portugal. It was used data from two periods, 1986-1994 and 1995-1999, and panel data econometric methods. The two periods is to capture the effect of the Portuguese entrance in the European Economic Community and of the first Community Support Framework (1989-1993) for Portugal. As main conclusion, for the two periods, it is verified strong increasing returns in the manufactured industry and as consequence regional divergence of this sector.

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File URL: http://arxiv.org/pdf/1207.1771
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Paper provided by arXiv.org in its series Papers with number 1207.1771.

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Date of creation: Jul 2012
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Handle: RePEc:arx:papers:1207.1771
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  1. Martinho, Vítor João Pereira Domingues, 2011. "The Verdoorn law in the Portuguese regions: a panel data analysis," MPRA Paper 32186, University Library of Munich, Germany.
  2. Miguel A. Leon-Ledesma, 1998. "Economic Growth and Verdoorn's Law in the Spanish Regions, 1962-1991," Studies in Economics 9801, School of Economics, University of Kent.
  3. Patrick Llerena & Andre' Lorentz, 2003. "Cumulative Causation and Evolutionary Micro-Founded Technical Change: A Growth Model with Integrated Economies," LEM Papers Series 2003/05, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
  4. Mark Knell, 2004. "Structure Change and the Kaldor-Verdoorn law in the 1990s," Revue d'Économie Industrielle, Programme National Persée, vol. 105(1), pages 71-83.
  5. Alvaro Angeriz & John McCombie & Mark Roberts, 2008. "Returns to Scale for EU Regional Manufacturing," Working Papers 20, Queen Mary, University of London, School of Business and Management, Centre for Globalisation Research.
  6. A. P. Thirlwall, 2007. "Regional Problems are "Balance-of-Payments" Problems," Regional Studies, Taylor & Francis Journals, vol. 41(sup1), pages S89-S95.
  7. André Lorentz, 2009. "Evolutionary Micro-founded Technical Change and The Kaldor-Verdoorn Law: Estimates from an Artificial World," Papers on Economics and Evolution 2009-01, Philipps University Marburg, Department of Geography.
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