Productivity, Technology and Structural Change

Victor Argy and Leslie Stein
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Victor Argy: Macquarie University
Leslie Stein: Macquarie University

Chapter 8 in The Japanese Economy, 1997, pp 155-178 from Palgrave Macmillan

Abstract: Abstract In order for a country to achieve sustained economic growth, factor productivity needs to be constantly upgraded. A country’s full production potential is determined by its input capabilities (assuming optimal resource allocation) and the value of the products it is capable of producing. In other words, there are two aspects to factor productivity. First, an input-output relation governed by the state of technology and second, the value of the resulting output determined by final selling prices. Therefore, to attain constant growth, not only must there be a steady rise in input-output ratios but the economy must regularly rearrange its output mix to ensure that it is concentrating on products which yield the maximum return. The latter process involves structural adjustments to changing economic circumstances. These in turn may require the winding down of some industries and the promotion of others, or alternatively, a realignment within a specific sector concentrating on areas in which the country may still be internationally competitive.

Keywords: Blast Furnace; Labour Productivity; Structural Adjustment; Japanese Economy; Convertible Bond (search for similar items in EconPapers)
Date: 1997
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-38009-7_8

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DOI: 10.1057/9780230380097_8

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