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- W2108235448 abstract "This article presents estimates of the contribution of physical capital to explaining labour productivity differences between Britain and four of her major competitors, the United States, Germany, France and Japan. The paper uses a standardised method to estimate capital stocks in the five countries. It presents arguments why this may be preferable to comparing official capital stock figures since the latter are sensitive to differences in measurement techniques used by the statistical offices. In the aggregate economy differences in physical capital are important in explaining labour productivity levels in Britain relative to the United States, Germany and France but cannot explain Britain's labour productivity advantage over Japan. In manufacturing Britain's lower capital per unit of labour also helps explain her lower labour productivity levels relative to all four countries but the contribution of capital is generally lower in manufacturing than for the aggregate economy. For both the aggregate economy and manufacturing differences in capital growth rates help explain Britain's productivity growth performance in the past three decades relative to the United States and Japan but have little explanatory power relative to Germany and France. Differences in physical capital intensity are frequently thought to be important determinants of differences in both productivity levels and growth rates across nations. But quantifying the impact of physical capital on pro ductivity requires estimates of capital stocks which are measured on a consistent basis across countries. Official estimates of the stocks of physical capital are available for most industrialised countries but assumptions under lying their measurement by the statistical offices are in many ways not internationally comparable. This article uses a standardised method to measure capital stocks and employs these estimates to quantify the impact of differ ences in capital stocks on both levels and growth rates of labour productivity. The analysis is carried out for five industrial nations: the United States, the United King dom, Germany, France and Japan. The article first presents relative levels of output per worker hour, both for the whole economy and manufac turing, for the five countries. It draws on estimates of labour productivity levels in manufacturing which were mostly published in the National Institute Economic" @default.
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- W2108235448 date "1993-08-01" @default.
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- W2108235448 title "Capital Stocks and Productivity in Industrial Nations" @default.
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- W2108235448 doi "https://doi.org/10.1177/002795019314500109" @default.
- W2108235448 hasPublicationYear "1993" @default.
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