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Productivity growth in manufacturing, 1963-85: the roles of new investment and scrapping

Oulton, N.; (1989) Productivity growth in manufacturing, 1963-85: the roles of new investment and scrapping. National Institute Economic Review , 127 (1) pp. 64-75. 10.1177/002795018912700106.

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Abstract

The twin forces of investment in new and scrapping of old equipment are traditionally supposed to play a large part in explaining productivity growth. Scrapping cannot in practice be observed directly but can be inferred by estimating a vintage capital model. When this is done it is found that these forces do indeed have a substantial role to play in explaining differences between industries in productivity growth rates in the 1960s and 1970s, but not in the 1980s. The productivity improvement observed in most industries in the 1980s must therefore be ascribed largely to forces other than new investment and scrapping.

Type: Article
Title: Productivity growth in manufacturing, 1963-85: the roles of new investment and scrapping
DOI: 10.1177/002795018912700106
Publisher version: http://dx.doi.org/10.1177/002795018912700106
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/17990
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