Imperfect Competition and Total Factor Productivity Growth |
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| Authors: | Azzeddine Azzam Rigoberto Lopez Elena Lopez |
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| Institution: | (1) Department of Agricultural Economics, University of Nebraska Lincoln, Center for Agricultural and Food Industrial Organization, NE, USA;(2) Department of Economics, University of Alcalà, Spain;(3) Department of Agricultural and Resource Economics, University of Connecticut, CT, USA |
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| Abstract: | This article examines the role of imperfect competition in determining total factor productivity growth (TFPG) by bringing together a New Empirical Industrial Organization (NEIO) model and the TFPG model of Good, Nadiri and Sickles (1999). Application of the integrated model to 1973–1992 data from 29 food processing industries revealed that, overall, changes in markups, economies of scale, and demand growth contributed positively to TFPG while the disembodied technical change was a negative contributor. Furthermore, the factors underlying the TFPG estimates are interactive and their net effects are starkly different from the conventional Solow (1957) residual TFPG measures, underscoring the need to account for imperfect competition, returns to scale, and demand growth in analyses of this type. |
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| Keywords: | Productivity growth Oligopoly Imperfect competition Food manufacturing |
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