Baumol's Law and Verdoorn's Regularity |
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| Authors: | M.M.G. Fase C.C.A. Winter |
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| Affiliation: | (1) Econometric Research and Special Studies Department, De Nederlandsche Bank NV, P.O. Box 98, 1000, AB, Amsterdam, The Netherlands and;(2) Faculty of Economics and Econometrics, University of Amsterdam, The Netherlands |
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| Abstract: | This paper tests the laws of Verdoorn and Baumol for the Netherlands in order to assess whether these laws provide an appropriate framework to interpret developments of output, employment, and wages and prices in the manufacturing industry and the services sector. The empirical evidence is not conclusive with respect to Verdoorn's law, but strongly supportive of Baumol's law. |
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| Keywords: | labour productivity output unit labour costs industry and services sector |
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