Economic Growth and Verdoorn's Law in the Spanish Regions, 1962-91

Miguel Leon-Ledesma

International Review of Applied Economics, 2000, vol. 14, issue 1, 55-69

Abstract: The aim of this paper is to test for the presence of dynamic increasing returns to scale in the Spanish regions between 1962 and 1991.The framework in which this paper is based is the so-called Verdoorn's Law. Tests are carried out for the manufacturing sector, agriculture, construction, services and total value added. The results show substantial increasing returns for manufacturing, services sector and for total value added. The staticdynamic paradox found by McCombie (1982) is also discussed and tested. We find no support for the hypothesis of a Cobb-Douglas function as the underlying technical relationship of the law.

Date: 2000
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DOI: 10.1080/026921700101489

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