Abstract
Two questions are asked: (1) what set of factors explains, at least partially, the growth of labor productivity in different sectors during the postwar period; (2) is the weakening of the same set of factors accountable for the slowdown of the sectoral and aggregate productivity growth since 1973. A model of labor productivity growth is described briefly. The model is estimated using sectoral and aggregate data for the period 1949 to 1978. The data cover output, employment, capital stock, stock of R and D, level and rate of change of utilization rate, and a proxy for disembodied technical change. The author concludes from his analysis that the growth rate of the capital-labor ratio, the utilization rate and its rate of change, and the growth stock of total R and D, go a fair distance in explaining the pattern of sectoral and aggregate productivity growth. The weakening of the same set of forces is shown to have contributed to the recent slowdown in these growth rates. 7 references.
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