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Manufacturing industries--Capital productivity; Human capital


This study tests the effects of several variables on value productivity in manufacturing. Changes in human capital seem to have a greater impact on production worker output than do changes in physical capital. Industries which exhibit a high degree of employment instability tend to have tower value productivity than do industries with relatively stable employment. This finding supports the "learning curve'; hypothesis.

Capacity utilization was found to be inversely associated with worker output. The degree of unionism in an industry, number of hours worked, presence of female workers, and industry wholesale price levels were found to be insignificant factors in the determination of the dollar value of labor's output.

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