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Electricity-based Measures of Capital Utilisation by United Kingdom Manufacturing Industry

In: Working Below Capacity

Author

Listed:
  • Derek Bosworth
  • Tony Westaway

Abstract

The degree to which the productive capital of the economy is utilised is now recognised as an important dimension of production and a potentially significant influence on other factor demands, such as the demands for employees and hours, as well as the level of investment activity.1 The empirical finding of increasing returns to hours in the employment function literature was, in part, argued to be a consequence of the misspecification of the model, associated with the omission of capital utilisation.2 A more recent concern has been the extent to which the demands for hours and capital utilisation are separate influences on production.3 Each requires empirical validation, which, in turn, necessitates the construction of accurate and meaningful measures of capital utilisation.

Suggested Citation

  • Derek Bosworth & Tony Westaway, 1987. "Electricity-based Measures of Capital Utilisation by United Kingdom Manufacturing Industry," Palgrave Macmillan Books, in: Derek Bosworth & David F. Heathfield (ed.), Working Below Capacity, chapter 14, pages 380-405, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-08649-8_14
    DOI: 10.1007/978-1-349-08649-8_14
    as

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