Modern Classical Economics and Reality by Theodore Mariolis & Lefteris Tsoulfidis

Author:Theodore Mariolis & Lefteris Tsoulfidis
Language: eng
Format: epub
Publisher: Springer Japan, Tokyo

Appendix 1: Data Sources and Construction of Variables

A.1.1 Greece

The symmetric input-output tables of the Greek economy were available for the years 1988 through 1998 and at the 25 industries level of detail (Mylonas et al. 2000). However, the necessary data on employment and wage were not fully available for the year 1998, and so our analysis extends until the year 1997. From the 25 industries, only the first 19 are absolutely consistent with the requirements of our analysis: the concepts of labour values and production prices have no meaning in industries such as public administration and education, whereas the concept of output is problematic to industries such as finance and real estate. Thus, we decided to eliminate from our analysis the last 6 industries, making the necessary adjustments in the output vector.

These input-output tables are restricted to flow data so they do not include interindustry data on fixed capital stocks and also the noncompetitive imports . As a result, our investigation is restricted to a circulating capital model, where we cannot separate the foreign from the domestic sector of the economy. It is worth noting that the issue of noncompetitive imports leads to many complications (see Sect. 2.​2.​4).

The market price s of all products are taken to be equal to 1. Thus, the matrix of direct technical coefficients, A, is obtained by dividing element-by-element the inputs of each industry by its gross output . In accordance with most of the relevant empirical studies, we use wage differentials to homogenize the sectoral employment , i.e. the vector of inputs in direct homogeneous labour , l ≡ [l j ], is estimated as

Download

Copyright Disclaimer:
This site does not store any files on its server. We only index and link to content provided by other sites. Please contact the content providers to delete copyright contents if any and email us, we'll remove relevant links or contents immediately.