Verdoorn's law Manufacturing sector Greece Quantitative methods Productivity
Economic & Social Research Institute
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
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.
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