Abstract
AbstractTechnology and technical change in the meat processing industries are examined in a cost function framework. Consistent with other studies, we find productivity growth rates to have declined in the past several decades. Nevertheless, growth has consistently been positive and has responded only modestly to the business cycle and to capital prices. Productivity‐induced downshifts in unit cost curves have boosted cost elasticities, enhancing incentives for firm and plant‐size growth. Rising capital shadow prices suggest the quality of capital has grown relative to that of labor and materials. Technical change appears to be capital‐using and material‐saving, counteracting the generally capital‐saving and material‐using effects of output expansion. [EconLit Citations: D24, L66, O30]. © 2002 Wiley Periodicals, Inc.
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