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Productivity Trends in the Natural Resource Industries

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  • Parry, Ian W.H.
Abstract
This paper examines multi-factor productivity trends in the U.S. petroleum, coal, copper and logging industries since 1970. Measures of multi-factor productivity growth are negative for all four industries during the 1970's. At the time this led to fears that stocks of natural resources were being exhausted, and this might hinder future economic growth. However in retrospect the 1970's look like an exceptional period, rather than marking a change in long run productivity trends. The decline in measured multi-factor productivity in that decade appear to be explained by a number of special factors that generally have a transitory rather than a permanent effect on productivity growth. For example, the rise in natural resource prices encouraged the entry of relatively inefficient producers. New environmental and health & safety regulations were phased in during the period that also reduce measured multi-factor productivity. Over the last 15 years however, productivity measures have improved significantly in all the industries. For example, we estimate that the level of productivity in 1992 was around 75% higher in the petroleum industry than at the trough of the productivity slowdown, and around 60% higher in coal and copper. To some extent these improvements represent restructuring and consolidation in response to falling output prices. However, technological developments have also played an important role in all four industries.

Suggested Citation

  • Parry, Ian W.H., 1997. "Productivity Trends in the Natural Resource Industries," Discussion Papers 10585, Resources for the Future.
    • Handle: RePEc:ags:rffdps:10585
    DOI: 10.22004/ag.econ.10585
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    File URL: https://ageconsearch.umn.edu/record/10585/files/dp970039.pdf
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    1. repec:bla:scandj:v:94:y:1992:i:0:p:s9-24 is not listed on IDEAS
    2. Sedjo, Roger, 1997. "The Forest Sector: Important Innovations," RFF Working Paper Series dp-97-42, Resources for the Future.
    3. Sedjo, Roger A., 1997. "The Forest Sector: Important Innovations," Discussion Papers 10667, Resources for the Future.
    4. Darmstadter, Joel, 1997. "Productivity Changes in U.S. Coal Mining," RFF Working Paper Series dp-97-40, Resources for the Future.
    5. Zvi Griliches, 1960. "Measuring Inputs in Agriculture: A Critical Survey," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 42(5), pages 1411-1427.
    6. William D. Nordhaus, 1992. "Lethal Model 2: The Limits to Growth Revisited," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 23(2), pages 1-60.
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    Cited by:

    1. Tilton, John E. & Landsberg, Hans H., 1997. "Innovation, Productivity Growth, and the Survival of the U.S. Copper Industry," Discussion Papers 10534, Resources for the Future.
    2. Krautkraemer, Jeffrey, 2005. "Economics of Natural Resource Scarcity: The State of the Debate," RFF Working Paper Series dp-05-14, Resources for the Future.
    3. Warren, Paul & De Simone, Giuseppe, 2014. "Fuelling the future?," Energy Policy, Elsevier, vol. 74(S1), pages 5-15.
    4. Darmstadter, Joel, 1997. "Productivity Changes in U.S. Coal Mining," RFF Working Paper Series dp-97-40, Resources for the Future.
    5. Darmstadter, Joel & Kropp, Brian, 1997. "Productivity Change in U.S. Coal Mining," Discussion Papers 10874, Resources for the Future.
    6. Chakravorty, Ujjayant & Magné, Bertrand & Moreaux, Michel, 2006. "Can Nuclear Power solve the Global Warming Problem?," IDEI Working Papers 381, Institut d'Économie Industrielle (IDEI), Toulouse.
    7. Hsu, Esher, 2002. "加入 Wto 後兩岸農業交流 對台灣農業之影響," Conference papers 330961, Purdue University, Center for Global Trade Analysis, Global Trade Analysis Project.

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