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Copyright © Cambridge Political Economy Society

research-article

Accounting for the economic growth of firms in UK manufacturing since 1973

Peter E. Hart

University of Reading

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 1973–1979 is best explained by the dual increase in the average output-price/input-price differential resulting from the squeeze in profit rates. In 1979–1986 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.

Manuscript received September 19, 1994; final version received February 14, 1995.


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