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A New View of Economic Growth$
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Maurice FitzGerald Scott

Print publication date: 1991

Print ISBN-13: 9780198287421

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0198287429.001.0001

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Fabricant's Laws

Fabricant's Laws

(p.360) 13 Fabricant's Laws
A New View of Economic Growth

Maurice FitzGerald Scott

Oxford University Press

In a study of fifty US manufacturing industries over some 40 years, Fabricant found that labour productivity grew faster where output grew faster, and wage costs per unit of output grew more slowly, as did the price of output. Subsequently, similar relationships have been found in other countries and periods, two important studies being by Salter and Kennedy, each offering explanations. A different explanation is offered here, which suggests a surprising conclusion: that labour productivity tends to grow at the same rate in all industries in a given country over a long period.

Keywords:   Fabricant, Kennedy, labour productivity growth, output growth, price growth, Salter, wage costs growth

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