ECONOMIC CAPACITY UTILISATION AND PRODUCTIVITY GROWTH IN GREEK AGRICULTURE

Panos Fousekis and Aspasia Papakonstantinou

Journal of Agricultural Economics, 1997, vol. 48, issue 1‐3, 38-51

Abstract: The rate of economic capacity utilisation of the capital stock and the rate of TFP growth are assessed for the agricultural sector in Greece. The empirical results suggest that capital in this sector has been over‐utilised throughout 1971–93. The mean value of the rate of economic capacity utilisation has been 1.477, that is, 48 per cent above the full equilibrium rate. The average rate of TFP growth per annum under the assumption of short–run capital fixity has been 1.29 per cent, while under the assumption of full equilibrium it has been 1.41 per cent. These results indicate that assuming, incorrectly, full equilibrium biases the annual rate of productivity growth upwards.

Date: 1997
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