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Increasing returns and externalities in UK manufacturing: myth or reality?

Oulton, N.; (1996) Increasing returns and externalities in UK manufacturing: myth or reality? Journal of Industrial Economics , 44 (1) pp. 99-113.

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Abstract

I apply the method of Caballero and Lyons to industry-level data for UK manufacturing. I find evidence for a positive external effect, arising from the expansion of manufacturing as a whole. But expansion at the sectoral level was found not to generate external effects. Nor was any evidence found for increasing returns which are internal to the industry: here returns appear to be constant. I argue that external effects at the level of aggregate manufacturing cannot be explained away as due to measurement error or cyclical effects. However, alternative explanations, such as economy-wide shocks, cannot be totally excluded.

Type: Article
Title: Increasing returns and externalities in UK manufacturing: myth or reality?
Publisher version: http://www3.interscience.wiley.com/journal/1179724...
Language: English
UCL classification: UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of SandHS > Dept of Economics
URI: http://discovery.ucl.ac.uk/id/eprint/17961
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