[PDF] Misallocation Economic Growth andInput-Output Economics





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15 sept. 2018 d'entraînements productifs à l'ère des chaînes globales de valeur : une analyse input-output » Revue d'économie industrielle [En ligne]



Revue économique 2 -2005

Interdépendances sectorielles et structure des coûts de l'économie belge : une application des tableaux input-output. D. Cornille. B. Robert (*).



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Input-output analysis is the main tool of applied equilibrium anal-ysis This textbook provides a systematic survey of the mostrecent developments in input-output analysis and their applica-tions helping us to examine questions such as: Which industriesare competitive? What are the multiplier effects of an investmentprogram?



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Misallocation Economic Growth andInput-Output Economics

3 Input-OutputEconomics Modern economies involve very sophisticated input-output structures Goods like electricity ?nancial services transportation information technology and health-care are both inputs and outputs A wide range of intermediategoodsareusedto produce most goods in the economy and these goods in turn are often used as in-



Searches related to input output économie PDF

Input-output analysis is essentially a theory of production based on a particular type of production function Its key relationships are technological involving quantities of inputs and outputs in produc- tive processes It does not present a theoretically complete picture

What is an input–output model in economics?

In economics, an input–output modelis a quantitative economic modelthat represents the interdependencies between different sectors of a national economy or different regional economies.Wassily?Leontief(1906–1999) is credited with developing this type of analysis and earned the Nobel?Prize?in?Economicsfor his development of this model.

What is the best book on economic input output analysis?

The Economics of Input–Output Analysis. Cambridge University Press, 2005. US Department of Commerce, Bureau of Economic Analysis . Regional multipliers: A user handbook for regional input–output modeling system (RIMS II).

What is Input-Output analysis?

Input-output analysis is probably the most practical tool of economic analysis. Yet mybackground as a theorist is apparent in the text: The results are quite general, and this featurefacilitates the use of the book as a reference source, particularly by applied equilibriumeconomists and national accountants using input-output measures.

What are input–output accounts?

Input–output accounts are part and parcel to a more flexible form of modeling, computable general equilibrium models. Two additional difficulties are of interest in transportation work. There is the question of substituting one input for another, and there is the question about the stability of coefficients as production increases or decreases.

Misallocation,EconomicGrowth,

andInpu t-OutputEconomics

CharlesI.Jones

StanfordGSBandNBER

February24,2011

Abstract

Oneofth emosti mportantd evelopments inthegrowthliteratureofth elast decadeisthe enhanced appreciati onoftherolethatth emisallocationofre- sourcesplaysinhelp ingusundersta ndincom edifferencesacrosscountrie s. Misallocationatthemicroleveltypicall yreduc estotalfa ctorproduct ivityatthe macrolevel.Q uantifyingtheseeff ectsisleadinggrowthresearchersinnewdi- rections,twoexamplesbein gtheexten siveuseoffirm-leveldataandtheexplo- rationofinput-ou tputta bles,andpromisestoyieldnewinsightsonwhys ome countriesaresomuchrichertha nothers. Presentedatthe10thWorldCo ngressoftheEconometricSocietyinShanghai,China.Iamgrateful toAn tonioCiccone,BobHal l,JohnFernald,andPeteKlen owforhe lpfulcommentsanddiscuss ions.

2CHARLESI.JONES

1.In troduction

Oneof themost important developmentsin thegrowthliteratureoft helast decade isth eenhanced appreciationoftherolethatthe misallocationofreso urcesp lays inhelp ingusunderstandincome differe ncesacrosscountries.Gi venaneconomy's stockofphysicalc apital ,labor,humancapital, andknowledge,thewa yinwh ich thoseaggregatequa ntitiesofinputsareall ocatedacrossfirmsandindustries - and evenpotentia llywithinfirms - determinestheecono my'soverallleve lofproduc- tion.Thebestall ocationwillmaximizewelfareand,inasensethatcanbemadepre- cise,outputits elfinthelong run.Otherallocation sresultinlowerlevelsofoutput andthere foreshowupintheaggregatea salowerleve loftot alfactorproductivi ty (TFP). Inso mebroadsens e,thisisanoldide awithmanyantec edents.Intherealbusi- nesscyclelit erature,forexamp le,itiscommonlyappreciatedth attaxdistor tionsor regulationsmayshowupasTFPshock s.Chari,K ehoeandMcGra ttan(2007)follows inth istradition. Inth eliteratu reongrowthanddevelopment,Rest ucciaa ndRogerson(2008)ex- plicitlyanalyzeamodelofmi sallocationamongh ete rogeneousplan tstoquantify uctofcapi taldiffe rswidelyamongfirmsinI ndia,potentiall yreducingoverallout- put.Hsie handKlenow(2009)pr esente mpiricalevidenceth atmisallocationacross plantswithin4-digi tindustriesmayred uceTFPinmanufacturingbyafactor oftwo tothr eeinChinaandI ndia.Al argeliteratures urrou ndingthesepaper sconsiders variousmechanismsth roughwhichmisallocationcanlea dtoincomedifferences. 1 Thispaperpro videsmyownidios ynchraticperspectiveonmi sallocationand presentsthreebasicpo ints.First,Ibegi nwithanoverview ofmis allocation.A simpletoymodelil lustratesh owmisallocation canreduceTFP,andI outlinesev - eralquestio nsrelatedtomisallocatio nthatmightbeco nsideredinfuturere search . 1 ExamplesincludeEasterly( 1993),ParenteandP rescott(1999),Casel liandGennaioli(2005),L a- gos(200 6),Alfaro,CharltonandKa nczuk(2008),Buer aandShin(20 08),Guner,VenturaandX u (2008),LaPortaandShle ifer( 2008),Bartelsman ,Haltiwan gerandS carpetta (2009),EpifaniandGan- cia(20 09),Peters(2009),Vollr ath(2009),Midri ganandXu(2010),Moll(2010),a ndSyverson(2 010).

MISALLOCATIONANDINPUT-OUTPUTECONOMICS 3

Second,Isuggestoneway inw hichtheeffectsofmisall ocationcanbeam plifie d: throughtheinput-output structur eoftheeconomy.Becausetheoutputs ofmany fied.Finally ,Iprovideanoverviewofth einput-outputstructureoftheU nitedStates and34othe recono mies,albeitata fairlyhighlevelofaggregation.Inaddition to supportingthebasicpointthatth eamplificationassociate dwithinput-outputeco- nomicscanbequantita tivelyimpor tant,this overviewsuggestswhatIt hinkisa remarkablesimilarityinthein put-outputstructuresofdiverseeconomie s.Under- standingwhetherthisre allyisthecase,whyitma ybeso,andwhatimplic ationsit entailsisanotheruseful areafor futureresearch.

2.Mi sallocation

Thissect ionprovidesanoverv iewoftheconsequencesofth emisallocationofre- sources.

2.1.Misa llocationandTFP

Webe ginbypresenting asimp leexamplethatillustratesthebasicpointoft hemis- allocationliterature:misall ocationreducesTFP. Consideraneconomyinwhi chthe twokeyproducedgoodsar esteelan dlattes:

Production:X

steel =L steel ,X latte =L latte

Resourceconstraint:L

steel +L latte L

GDP(ag gregation):Y=X

1/2 steel X 1/2 latte Oneuni toflaborc anprodu ceeitheraunitofs teeloracup oflatte.Theecon- omyisend owe dwith Lunitsoflabor. Andwea ssumelattesandstee lcombinein a byauti lit yfunction,butthenonewo uldhavetospecifypricesinord ertoaggregat e thetwogoo ds;the approachhereissim pler.

4CHARLESI.JONES

Obviously,theonlyallocativedeci sionth athastobem adeishowmuchlaborto employproducingsteelversuslattes.Letx!L steel

Ldenotetheallocati onoflabor.

Thiscouldbe determinedbyper fectlyc ompetitivemarkets,byasocialplanner,by marketsdistortedbyta xes,orinanynumberofdifferent ways.

SolvingforGDPgiventhea llocat ionyields

Y=A(x)

L, whereTFP,A(x),isgivenby A(x)= x(1"x). Thesetwoequa tionssummar izeinasimplewayoneoftheke ypointsofthere cen t literatureonmisallocation:the misalloc ationofresourcesred ucesTFP.Asisclear giventhesymmetryoftheset up,theoptimalallocationoflaborint hissimpleecon- omyfeaturesx =1/2.An ydeparturefromthisallocation - puttin geitherto olittle ortoom uchlabori ntomakingste el - reducesTFPa ndthereforeGDP.Moregen - erally,iftheexponents inthe productio nfunctionwere!and1"!insteadof1/2, thenTFPwou ldsimplyb eA(x)=x (1"x) 1"! ;th isexpressio nwillbeusefullater. Theeffectso fmisallocationa resho wngraphicallyinFigure1. Thisfigure illustratesan otherkeypoint:smalldeparturesfromtheopt imalal- locationoflaborhavetinye ffectso nTFP(anapplicat ionoftheenvelopetheorem), butsignifi cantmisallocationcanhaveveryl argeeffects.Giventh elargein come differencesthatweseeacrossco untries,thi spossi bilityisappealing. haswhatm aybeanimp ortantli mitati on:int hepresenceofsignificantmisalloca - tion,asmall impr ovementinthealloc ationofresourceswillhavealargeimpacton TFP. Contrastthiswithahypothet icalexample likethatinFi gur e2.Thedashedline inthe figurerepe atstheeffectofmis allocationonTFPfromFi gure1,whilethenew solidlinedepi ctsanalterna tive.Itseemstomethatt healternativebettercaptures theworldw elivein.Asbefore ,small misallocati onhassmal leffectsandlargemi s-

MISALLOCATIONANDINPUT-OUTPUTECONOMICS 5

Figure1:Misalloc ationR educesTFP

0 1/2 1

0 1/2

Fraction of labor

making steel, x

Total factor productivity, A(x)

allocationhaslargeeffects.Now,h owever,an intermediatedegreeofmis alloca tion canhavela rgeeffectsaswe ll(e.g.iftheal locationoflabor hasx=1/4,TFPisless than1/4ratherthanlarger than1/4).M oreover,withalargedegreeof misalloc a- tion,theeffectonT FPofanimp rovedalloca tionof resources issm all:reformsin secondworldandwo uldbemorelikely tooccuram ongcountrieswithaninterme- diatedegreeofdi stortionsthana largedeg reeofdistortions.This kindofstructure mayeve nhelpexplain the"twinpeak s"structureoftheworl dincomedistribution emphasizedbyQuah(1996). Oneofthe challe ngesgoing forwardinmodelsofmisallocationis - perhaps - to ensure thattheycapturesom eofthefeatur esofFigure2ratherthansomeof thelimi tationsinFigure1.Jo nes(2011)explor esthepossibilityt hattheO-ringstyle complementarityofKremer(1993)mayhelpinthis regard . Thissimpleex ampleisusefulinill ustratinghowmisalloca tionre ducesTFP,but itfails tocaptureone ofthek eypointsemphasizedin therecentli teratureonmis-

6CHARLESI.JONES

Figure2:AnAltern ativeM odelo fMisallocation?

0 1/2 1

0 1/2

Fraction of labor

making steel, x

Total factor productivity, A(x)

allocation.Intheexample,misallo cation isacrosssectors:wemayhavetoo much ortoo littles teelrelativetow hatisoptimal.Incont rast,therecent literatureoften emphasizesmisallocationata moremicroeconomiclevel:withinthesteel sector, therearesome plantsthatare goodatmakingste elandother sthatarele ssgood. Misallocationmayinvolvegivingthelesseffi cientplan tstoomanyresources.This withinsectormisallocati onisprominentlyemphasizedbyFoster,Haltiwangerand Syverson(2008)andHsieh andKlenow(2009),fo rexample. Clearlybot hkindsof misallocation(acrossandwithinsectors )canbeimportant,andaveryinteresting, openquestion intheliteratureisdet erm iningtherel ative(andabsolu te)impor- tanceofeac h. Onemighte venpushthisins ightfurther:Whyaresomepl antsmoreprodu ctive thanothers?M aybebecauseofthemisall ocationofre sourceswithinplants.Or- ganizingaplantandprodu cing outputinvol veaneno rmousnumberofdec isions , andthesedecisionsmaybed istortedormadeincorrectlybe causeofmisallocatio n: maybetheplant manageris notthebestpers onforthejob(Casellia ndGennaio li,

MISALLOCATIONANDINPUT-OUTPUTECONOMICS 7

2005),maybethemostt alentedwork erswithin theplantaren otpromotedtothe

appropriatepositions,maybetheince ntivesfortheworkerstopr oduceefficiently arenotpre sent(Laze ar,2000),maybeunioniz ationandjobprotectionleadsthe firmtous etoomuc hlaborinapp ropriat ely(Schmitz,2 005)andsoon.

2.2.KeyQ uestions

Atsome basiclevel,t hereareonlytwo fundamentalreasonsfo rincomedifferences acrosscountriesin thelongrun.Eithereconomies havedi fferentprod uctionpos- sibilitiesortheyhavedifferental locati ons.Inthecas eofproductionpossibilities, oncewehavee ndogen izedideas,th eonlyremainingreasonfordifferencesisgeo- graphic.Maybesomepiecesof landaremore conducivetop roductionthanoth ers. Whilethereis probablysomethingt ot hisexplanation,mycurrentunderstandi ng isthat theseeffectsar esmallrelative tothelargeincom edifferencesweseeacro ss countries.Probablythesing lemostpersuasiveevidenceo nthispointis theclassic MancurOlson(1996)a rgument:thelar geincomedifferenceth athasemergedbe- tweenNorthandS outhKoreaoverth elasthal fcentury,forexample,issurely not duetoge ograph y. 2 Thisleavesdi fferencesinthealloca tionofresourcestoexplaintheb ulkofin- comedifference sacrosscountries.Giventhep roductionpossibilities,allocations thereisprobabl ysomet hingtothepreferencestory (thisseemsli keaplausible par t ofthe explanati onforthedifferencebetweentheEuropea nandAmericanalloca- tionofreso urces) .Butatsomebasiclevel,peoplearepeoplean danydiffere ncein preferencesisprobablyitselfane ndogen ousoutcome. Thisargument ,then,suggeststhatallthati sleft,fundamentally,toexplaind if- ferencesinincomesacros scoun triesismisallocation, workingbotht hroughtra - ditionalinputslikecapit alandlaborandalsothr oughideas.Inco medifferences acrosscountriesres ultalmostentirelyfromthemis allocationofr esou rces. Andyettos aymisall ocatio niseveryth ingisperhapsnottosayve rymuchafter 2 Obviously,thereisalargelite raturedebating thisqu est ion;forex ample, seeGallup,Sachsand Mellinger(1999)andAcemog lu,JohnsonandRobi nson(2002 ).

8CHARLESI.JONES

all.Inparti cular,t hreeadditionalquestionsseemp ertinent:

1.Whatisthe natureof themisal location?Arecerta ininputsmisallocat edmore

thanothers ?Isthemisallocationr elatedto ideas specialinanywayrelative tothe misall ocationoftraditionalinputs?Howsignificantism isallocation withinsectorsorb etweensectorsorevenwit hinpla nts?Howmuchmisal- locationisthereinther ichest countries?

2.Howprecis elydoesthemisallocationofresou rcesleadto50-f oldincomedif-

ferences?Asi mpleversionofthis questionisillustrate dbythe differenceswe sawbackinFigures1and2.In thefirstcase,largeincomedifferencesrequired extremeformsofmisallo cation,andsm allim provementsintheallocationofquotesdbs_dbs9.pdfusesText_15
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