Chapter

Fabricant's Laws

Maurice FitzGerald Scott

in A New View of Economic Growth

Published in print June 1991 | ISBN: 9780198287421
Published online November 2003 | e-ISBN: 9780191596872 | DOI: http://dx.doi.org/10.1093/0198287429.003.0013

Series: Clarendon Paperbacks

 Fabricant's Laws

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In a study of fifty US manufacturing industries over some 40 years, Fabricant found that labour productivity grew faster where output grew faster, and wage costs per unit of output grew more slowly, as did the price of output. Subsequently, similar relationships have been found in other countries and periods, two important studies being by Salter and Kennedy, each offering explanations. A different explanation is offered here, which suggests a surprising conclusion: that labour productivity tends to grow at the same rate in all industries in a given country over a long period.

Keywords: Fabricant; Kennedy; labour productivity growth; output growth; price growth; Salter; wage costs growth

Chapter.  14378 words. 

Subjects: Economic Development and Growth

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