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Increasing returns and externalities in UK manufacturing: myth or reality?

Oulton, Nicholas (1996) Increasing returns and externalities in UK manufacturing: myth or reality? Journal of Industrial Economics, 44 (1). pp. 99-113. ISSN 0022-1821

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Identification Number: 10.2307/2950564

Abstract

I apply the method of Caballero and Lyons to industry-level data for UK manufacturing. I find evidence for a positive external effect, arising from the expansion of manufacturing as a whole. But expansion at the sectoral level was found not to generate external effects. Nor was any evidence found for increasing returns which are internal to the industry: here returns appear to be constant. I argue that external effects at the level of aggregate manufacturing cannot be explained away as due to measurement error or cyclical effects. However, alternative explanations, such as economy-wide shocks, cannot be totally excluded.

Item Type: Article
Official URL: https://onlinelibrary.wiley.com/journal/14676451
Additional Information: © 1996 John Wiley & Sons
Divisions: Centre for Macroeconomics
Subjects: H Social Sciences > HC Economic History and Conditions
H Social Sciences > HD Industries. Land use. Labor
H Social Sciences > HF Commerce > HF5601 Accounting
Date Deposited: 03 Nov 2020 15:42
Last Modified: 20 Feb 2021 06:36
URI: http://eprints.lse.ac.uk/id/eprint/107119

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