Accounting for the Economic Growth of Firms in UK Manufacturing since 1973

Peter E Hart

Cambridge Journal of Economics, 1996, vol. 20, issue 2, 225-42

Abstract: 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, 1973-79, is best explained by the dual increase in the average output-price/input-price differential resulting from the squeeze in profit rates. In 1979-86, 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. (c) 1996 Academic Press Limited Copyright 1996 by Oxford University Press.

Date: 1996
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