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- Title
Why Did UK Manufacturing Productivity Growth Slow Down in the 1970s and Speed Up in the 1980s?
- Authors
Cameron, Gavin
- Abstract
After a dramatic slowdown in the 1970s, productivity growth in UK manufacturing in the 1980s returned to something like its pre-slowdown trend. This paper constructs a quarterly dynamic model of total factor productivity growth in UK manufacturing using cointegration techniques, correcting for a variety of measurement biases. The elasticity of output with respect to R&D capital is estimated at between 0.2 and 0.3, with human capital playing a positive and significant role. The paper also determines how much of the UK productivity slowdown in the 1970s was due to the mis-measurement of output and the business cycle and how much was due to structural changes. The answer appears to be about half and half.
- Subjects
UNITED Kingdom; LABOR productivity
- Publication
Economica, 2003, Vol 70, Issue 277, p121
- ISSN
0013-0427
- Publication type
Article
- DOI
10.1111/1468-0335.t01-1-00274