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- W1817025006 abstract "This paper answers the puzzling questions that why under the similarset of economic conditions service sector in India grew while manufacturingcould not and how economic reforms in 1990s accelerated theproductivity growth. The paper provides a very innovative and convincingexplanation. Two subtle but important distortion-inefficiencymechanisms, which work through distorting the intermediate inputallocation, are identified in the paper. Interaction of policies of quantitativerestrictions and inflexible labor laws resulted in lower thanoptimal materials per worker usage.Combination of high inflation andunavailability of credit exacerbated this factor distortion and loweredthe productivity growth further.Using panel data on Indian industries, I find underutilization ofmaterials compared to labor until recently. This sub-optimal materialsper worker usage lowers productivity growth. Productivity estimatesare negatively related to labor growth and positively related tomaterials growth. Real wages and labor productivity are negativelyrelated to materials inflation and this relationship breaks down afterthe capital market reforms in 1990s. Since these mechanisms workthrough intermediate inputs, service sector productivity is not affectedas adversely. Estimates show that after 1990s firms have started oversubstitutingmaterials and capital relative to labor, which can explainthe jobless growth in Indian manufacturing." @default.
- W1817025006 created "2016-06-24" @default.
- W1817025006 creator A5064956640 @default.
- W1817025006 date "2009-01-01" @default.
- W1817025006 modified "2023-10-16" @default.
- W1817025006 title "Pre-Reform Conditions, Intermediate Inputs and Distortions: Solving the Indian Growth Puzzle" @default.
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- W1817025006 doi "https://doi.org/10.2139/ssrn.1373369" @default.
- W1817025006 hasPublicationYear "2009" @default.
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