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Productivity Growth in U.S. Agriculture under Dynamic Adjustment
Author(s) -
Luh YirHueih,
Stefanou Spiro E.
Publication year - 1991
Publication title -
american journal of agricultural economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.949
H-Index - 111
eISSN - 1467-8276
pISSN - 0002-9092
DOI - 10.2307/1242440
Subject(s) - disequilibrium , productivity , agriculture , economics , total factor productivity , technical change , agricultural productivity , agricultural economics , econometrics , technical progress , macroeconomics , ecology , biology , medicine , ophthalmology
A dynamic measure of productivity growth adjusted for deviations from the long‐run equilibrium is established within an adjustment‐cost framework. An empirical application to U.S. agriculture is presented which permits identifying the dynamic linkages between technical change and productivity growth in U.S. agriculture. Total factor productivity as dynamically measured grew at 1.50% per annum. The combined effect of scale, quality‐adjusted input growth, and long‐run disequilibrium input use contributes only 3.44% of the growth, while technical change dominates the growth of total factor productivity.