Introduction

John McCombie, Maurizio Pugno and Bruno Soro

Chapter 1 in Productivity Growth and Economic Performance, 2002, pp 1-27 from Palgrave Macmillan

Abstract: Abstract Empirical economic laws, viewed as statistical relationships between economic variables that are robust with respect to different data sets and time periods, have often fascinated economists. This may be because they suggest that economics is a science, with a methodology analogous to physics, although without the benefit of controlled experiments. However, these laws have also given rise to lively debates concerning both their empirical validity and their economic interpretation — consider, for example, the original Phillips curve. ‘Verdoorn’s Law’ is no exception to this.

Keywords: Labour Productivity; Productivity Growth; Capital Stock; Total Factor Productivity; OECD Country (search for similar items in EconPapers)
Date: 2002
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DOI: 10.1057/9780230504233_1

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