Journal Article

Accounting for the economic growth of firms in UK manufacturing since 1973

Peter E. Hart

in Cambridge Journal of Economics

Published on behalf of Cambridge Political Economy Society

Volume 20, issue 2, pages 225-242
Published in print March 1996 | ISSN: 0309-166X
Published online March 1996 | e-ISSN: 1464-3545 | DOI: https://dx.doi.org/10.1093/oxfordjournals.cje.a013614
Accounting for the economic growth of firms in UK manufacturing since 1973

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The dual relationship between the growth of total factor productivity and the growth of the price differential between inputs and outputs is used to decompose productivity changes since 1973. The decline in total factor productivity 1973–1979 is best explained by the dual increase in the average output-price/input-price differential resulting from the squeeze in profit rates. In 1979–1986 the average increase in total factor productivity was not significantly different from zero: there was no Thatcher productivity miracle. Growth of output is determined primarily by growth of inputs and not by general increases in efficiency.

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Subjects: Economics ; Political Economy ; Economic Sociology

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