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Investment, Imports and Productivity Growth in the US Cement Industry

In: Creating an Internationally Competitive Economy

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  • David Prentice

Abstract

In many industries, the competitiveness of a firm is still ultimately determined by its productivity. And the firm’s survival depends on its achieving a rate of productivity growth at least as great as that of its competitors. Improvements in productivity at the firm level, including those resulting from innovation, typically require investment. There is a popular belief that more-competitive industries achieve more rapid productivity growth through competition-driven innovation and the elimination of inefficient firms. The opening up of an economy is, then, commonly thought to result in increased productivity. Existing firms either become internationally competitive or they exit the industry. However, writers, following Schumpeter (1950), have argued that investment in innovation flourishes only with the prospect of economic profits. Theory, then, does not provide a conclusive effect of the extent of competition, including import competition, on productivity growth.

Suggested Citation

  • David Prentice, 2001. "Investment, Imports and Productivity Growth in the US Cement Industry," Palgrave Macmillan Books, in: Harry Bloch & Peter Kenyon (ed.), Creating an Internationally Competitive Economy, chapter 7, pages 122-142, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-55706-2_7
    DOI: 10.1057/9780230557062_7
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