SOURCES OF PRODUCTIVITY CHANGE UNDER TEMPORARY EQUILIBRIUM AND APPLICATION TO GREEK AGRICULTURE

George Mergos and Giannis Karagiannis

Journal of Agricultural Economics, 1997, vol. 48, issue 1‐3, 313-329

Abstract: This paper provides a decomposition of productivity growth into its components, namely technical change, returns to scale, and disequilibrium effects of quasi‐fixed factors, within a complete theoretical framework for measurement and attribution using the parametric approach. It also provides an empirical application of the framework to Greek agriculture, which has exhibited a productivity slowdown since the late 1970s. The empirical results indicate that technical change and disequilibrium effects are the main factors affecting productivity change in Greek agriculture. The contribution of the scale effect, although positive, has been quite small. The slowdown in productivity growth in Greek agriculture since the late 1970s is attributed mainly to the market disequilibrium effect of capital induced by the decline in gross capital investment.

Date: 1997
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