Japan, Korea, U.S., Thailand and China Comparetive Input Output Analysis

1998 Fiscal Year Final Research Report Summary

• Project/Area Number: 09630043
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Single-year Grants
• Section: 一般
• Research Field: 経済政策(含経済事情)
• Research Institution: Kyoto University
• Principal Investigator: NAKAJIMA Akio Kyoto University, Department of Economics, 大学院・経済学研究科, 講師 (70198076)
• Project Period (FY): 1997 – 1998
• Keywords: Input Output Analysis / Capital Stock / Total Labour Value / Korean Economy / U.S. Economy / Japanese Economy / Value Added Productivety of Labour / Statistics

Research Abstract

Studies were made on the relationship between total labour value and value added productivity of labour among industries over time series data and among countries. There are clear linear relationship between total labour value and inverse of value added productivity of labour. At the same time, clear linear relation are observable between inverse of total labour value and value added productivity of labour. However Energy related industries, such as Oil refinery and Public Utility such as Electricity Gas and Water digress from the trend.
Question was raised if the methodology of calculating total labour value underestimated the capital cost. In order to answer this question, investigation was carried out to collect all available data on capital stock for about 30 sector industries. After collecting data, model to incorporate the capital stock contribution to total labour value was established.
The results are, theoretically, that the contribution of capital stock to total labour value cannot exceed the value of depreciation of capital stock.
The digression of Oil refinery and Electricity, gas and water should be explained by lack of competition in these industries and not by the underestimation of capital stock in the model.