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The Sun Also Rises: Productivity Convergence between Japan and the USA

Gavin Cameron
Journal of Economic Growth
Vol. 10, No. 4 (Dec., 2005), pp. 387-408
Published by: Springer
Stable URL: http://www.jstor.org/stable/40216084
Page Count: 22
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The Sun Also Rises: Productivity Convergence between Japan and the USA
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Abstract

The growth process for a technological leader is different from that of a follower. While followers can grow through imitation and capital deepening, a leader must undertake original research. This suggests that as the gap between the leader and the follower narrows, the follower must undertake more genuinely innovative R&D and possibly face a slower overall growth rate. The results of a dynamic panel equilibrium-correction model of productivity growth suggest that the productivity gap with the USA had a strong effect on the growth of Japanese manufacturing, and that changes in R&D intensity also made a significant contribution. Moreover, the effect of the productivity gap was significantly higher in industries that had higher R&D intensities, higher levels of human capital, and were more open to exports.

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