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Productivity, Technology and Structural Change

In: The Japanese Economy

Author

Listed:
  • Victor Argy

    (Macquarie University)

  • Leslie Stein

    (Macquarie University)

Abstract

In order for a country to achieve sustained economic growth, factor productivity needs to be constantly upgraded. A country’s full production potential is determined by its input capabilities (assuming optimal resource allocation) and the value of the products it is capable of producing. In other words, there are two aspects to factor productivity. First, an input-output relation governed by the state of technology and second, the value of the resulting output determined by final selling prices. Therefore, to attain constant growth, not only must there be a steady rise in input-output ratios but the economy must regularly rearrange its output mix to ensure that it is concentrating on products which yield the maximum return. The latter process involves structural adjustments to changing economic circumstances. These in turn may require the winding down of some industries and the promotion of others, or alternatively, a realignment within a specific sector concentrating on areas in which the country may still be internationally competitive.

Suggested Citation

  • Victor Argy & Leslie Stein, 1997. "Productivity, Technology and Structural Change," Palgrave Macmillan Books, in: The Japanese Economy, chapter 8, pages 155-178, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-38009-7_8
    DOI: 10.1057/9780230380097_8
    as

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