CIRJE-J-199 |
『戦後日本の産業合理化:
鉄鋼生産設備のヴィンテージ変化とその生産性効果』
"Investment Wave, Vintage Spike and Productivity: Rethinking "Industrial Rationalization" in Postwar Japan" |
Author Name | 岡崎哲二(Tetsuji Okazaki) |
Date | August 2008 |
Full Paper | PDF file (only Japanese version available) |
Remarks | 原朗編『高度成長始動期の日本経済』日本経済評論社(2010年)所収。 |
Abstract (Japanese) | Abstract (English) |
| In the early 1950s, "industrial rationalization," i.e. renovation and modernization of industrial equipments became the focus of the industrial policy as well as the corporate strategy. In this paper, I explored its historical background and implication. Estimating the vintage of capital stock from 1916 to 1964, I found that the wave of investment during the war brought about a sharp spike in the time-series of the vintage. At the same time, equipment-level vintage data on the iron and steel industry indicate that the vintage distribution in 1949 had a spike reflecting the wartime investment wave. "Industrial rationalization" can be interpreted as a measure to prevent a potential surge of the average vintage due to the vintage spike caused by the wartime investment wave. Through an analysis of establishment-level data of steel-making, it was confirmed that increase of the vintage gave a substantial negative impact on labor productivity. JEL |