The law of Verdoorn: evidence from Greek disaggregated manufacturing time series data
Citation:Apergis, Nicholas; Zikos, Spyros. 'The law of Verdoorn: evidence from Greek disaggregated manufacturing time series data'. - Economic & Social Review, Vol. 34, No. 1, Spring, 2003, pp. 87?104, Dublin: Economic & Social Research Institute
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This paper tests the validity of Verdoorn?s law in Greek manufacturing. Through the Generalised Method of Moments (GMM) methodology, estimates of the Verdoorn law in aggregated and disaggregated manufacturing Greek data are obtained in order to explain disparities in income and growth among Greek manufacturing sectors. The results provided evidence that increasing returns to scale with certain, albeit low, substitutability possibilities between capital and labour are present in Greek manufacturing groups.
Publisher:Economic & Social Studies
Type of material:Journal Article
Availability:Full text available