1. A Maximum Sustainable Growth Rate for British Industrial Outputs.
- Author
-
Barker, T.A.
- Subjects
SUSTAINABLE development ,DEVELOPMENT economics ,INDUSTRIAL productivity ,ECONOMETRIC models ,ECONOMIC forecasting ,CAPITAL - Abstract
In a study [6] of the theoretical properties of a model proposed by Stone and Brown [7], Mathur concluded that, in the context of the model, there was a technological upper limit to sustainable growth in the output and final consumption for any individual sector. The upper limit can be derived from the parameters of the model. This paper provides an estimate for this limit for the British economy: most of the parameters used are estimated in a larger model providing projections of the economy in 1972 [1]. The paper is in three parts: section I sets out the model, which is extended to allow for lags between intermediate and capital input and output; section II gives the estimated upper limit to growth, together with checks on the sensitivity of this limit to the degree of aggregation of industrial sectors and the parameters of the model; and section III is a brief appraisal of the model. [ABSTRACT FROM AUTHOR]
- Published
- 1971
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