Public regulations and the slowdown in productivity growth

Abstract

A time-series regression model of the US manufacturing sector is developed to estimate the direct and indirect relationships of public regulations and productivity for the 1973 to 1977 period. Preliminary results show that 12 to 21% of the productivity slowdown is blamed on regulation. Other contributing factors are a reduced non-labor to labor input (15%), average cyclical impact (0 to 15%), and a combination of changes in labor composition, expenses for research and development, and shifts in sectoral output. The study focuses on measured productivity, and the results have little implication to true productivity growth. 14 references, 24 tables. (DCK)

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