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Services Industries and
the Knowledge-Based
Economy
GENERAL EDITORS: RICHARD G. LIPSEY & ALICE O. NAKAMURA
LIPSEY
NAKAMURA
SERVICES INDUSTRIES
AND THE
KNOWLEDGE-BASED ECONOMY
UNIVERSITY
OF CALGARY
PRESS
T H E I N D U S T RY C A N A D A R E S E A R C H S E R I E S
The Industry Canada Research Series provides a forum for the analysis of key micro-
economic issues facing the Canadian economy. The volumes contribute to the debate
surrounding applied public policy research in this area, and ultimately aid in the
development of public policy in a rapidly changing economic environment.
SERVICES INDUSTRIES AND THE KNOWLEDGE-BASED ECONOMY
Services industries account for almost three-quarters of both gross domestic product
and employment in Canada. Furthermore, the services sector has been responsible for
most of Canada’s employment creation and much of its productivity growth over the
past decade, and the sector’s importance to the Canadian economy continues to
increase. During the past 15 years, Canada’s services sector has become more outward-
oriented, more innovative, more productive, and more skills-intensive.
To better understand the dynamics of the service economy and to identify the types
of policies most likely to sustain the development of a knowledge-based economy,
Industry Canada embarked on a major research program on services. This research
volume features the proceedings from a key component of this research exercise —
Industry Canada’s Conference on Services Industries and Knowledge-Based Economy,
held in Winnipeg on October 16-18, 2003.
GENERAL EDITORS
Richard G. Lipsey is currently Professor Emeritus of Economics at Simon Fraser
University. He has authored several textbooks in economics that have been used
worldwide. He has published over 150 articles in learned journals and books on
various aspects of theoretical and applied economics. As senior economic advisor for
the C.D. Howe Institute during 1983-89, he co-authored monographs on Canada’s
trade options and the Canada-U.S. Free Trade Agreement and wrote over a dozen
journal articles and pamphlets on various aspects of the free-trade debate. Since 1990,
most of his research has been on economic growth. His latest book, Economic
Transformations: General Purpose Technologies and Long Term Economic Growth (with
Carlaw and Bekar) was published in 2005 by the Oxford University Press.
Alice O. Nakamura is the Winspear Professor of Business at the University of Alberta.
Her expertise lies in employment, productivity and performance measurement, and
econometrics. She has served on numerous federal and provincial task forces and
advisory committees and has been a frequent keynote speaker and presenter at
government, business and academic conferences, and other events. She has published
widely in the areas of labour economics, firm behaviour, econometric methodology, and
price and productivity measurement.
University of Calgary Press
ISBN 1-55238-149-8
ISSN 1700-2001
Services Industries and
the Knowledge-Based
Economy
GENERAL EDITORS: RICHARD G. LIPSEY & ALICE O. NAKAMURA
LIPSEY
NAKAMURA
SERVICES INDUSTRIES
AND THE
KNOWLEDGE-BASED ECONOMY
UNIVERSITY
OF CALGARY
PRESS
T H E I N D U S T RY C A N A D A R E S E A R C H S E R I E S
The Industry Canada Research Series provides a forum for the analysis of key micro-
economic issues facing the Canadian economy. The volumes contribute to the debate
surrounding applied public policy research in this area, and ultimately aid in the
development of public policy in a rapidly changing economic environment.
SERVICES INDUSTRIES AND THE KNOWLEDGE-BASED ECONOMY
Services industries account for almost three-quarters of both gross domestic product
and employment in Canada. Furthermore, the services sector has been responsible for
most of Canada’s employment creation and much of its productivity growth over the
past decade, and the sector’s importance to the Canadian economy continues to
increase. During the past 15 years, Canada’s services sector has become more outward-
oriented, more innovative, more productive, and more skills-intensive.
To better understand the dynamics of the service economy and to identify the types
of policies most likely to sustain the development of a knowledge-based economy,
Industry Canada embarked on a major research program on services. This research
volume features the proceedings from a key component of this research exercise —
Industry Canada’s Conference on Services Industries and Knowledge-Based Economy,
held in Winnipeg on October 16-18, 2003.
GENERAL EDITORS
Richard G. Lipsey is currently Professor Emeritus of Economics at Simon Fraser
University. He has authored several textbooks in economics that have been used
worldwide. He has published over 150 articles in learned journals and books on
various aspects of theoretical and applied economics. As senior economic advisor for
the C.D. Howe Institute during 1983-89, he co-authored monographs on Canada’s
trade options and the Canada-U.S. Free Trade Agreement and wrote over a dozen
journal articles and pamphlets on various aspects of the free-trade debate. Since 1990,
most of his research has been on economic growth. His latest book, Economic
Transformations: General Purpose Technologies and Long Term Economic Growth (with
Carlaw and Bekar) was published in 2005 by the Oxford University Press.
Alice O. Nakamura is the Winspear Professor of Business at the University of Alberta.
Her expertise lies in employment, productivity and performance measurement, and
econometrics. She has served on numerous federal and provincial task forces and
advisory committees and has been a frequent keynote speaker and presenter at
government, business and academic conferences, and other events. She has published
widely in the areas of labour economics, firm behaviour, econometric methodology, and
price and productivity measurement.
University of Calgary Press
ISBN 1-55238-149-8
ISSN 1700-2001
Services Industries
and the Knowledge-Based Economy
HE RESEARCH PAPERS ASSEMBLED IN THIS VOLUME are the product of work
undertaken by academic researchers and a few researchers, with
governmental and international organizations, writing in a personal capacity.
In addition, several of the commentators on the research papers were
employees of governmental or international organizations, writing in a personal
capacity, at the time this volume was compiled. Industry Canada staff
formulated and managed the project, and provided constructive feedback
throughout the process. Nevertheless, the papers and comments ultimately
remain the sole responsibility of the authors and do not necessarily reflect the
policies and opinions of Industry Canada, the Government of Canada, or any
other organization with which the authors or editors are affiliated.
T
GENERAL EDITORS:
RICHARD G. LIPSEY & ALICE O. NAKAMURA
Services Industries
and the Knowledge-Based Economy
The Industry Canada Research Series
University of Calgary Press
ISBN 1-55238-149-8
ISSN 1700-2001
IC 54407
University of Calgary Press
2500 University Dr. N.W.
Calgary, Alberta, Canada T2N 1N4
Library and Archives Canada Cataloguing in Publication
Services industries and the knowledge-based economy / general
editors, Richard G. Lipsey & Alice O. Nakamura.
(Industry Canada research series, ISSN 1700-2001 ; 13)
Co-published by: Industry Canada.
Includes bibliographical references.
ISBN 1-55238-149-8
1. Services industries Canada.
I. Lipsey, Richard G., 1928-
II. Nakamura, Alice
III. Canada. Industry Canada
IV. Series.
HD9985.C32S468 2006 338.4'7'000971 C2006-900731-4
We acknowledge the financial support of the Government of Canada through the
Book Publishing Industry Development Program (BPIDP) for our publishing activities.
We acknowledge the support of the Alberta Foundation for the Arts for this published work.
Published by the University of Calgary Press in cooperation with Industry Canada and Public Works and
Government Services Canada.
All rights reserved. No part of this publication may be reproduced or transmitted, in any form or by any
means, electronic, mechanical, photocopying, recording or otherwise, or stored in a retrieval system,
without the prior written permission of the Minister of Public Works and Government Services, Ottawa,
Ontario, Canada K1A 0S5.
©Her Majesty the Queen in Right of Canada, 2006
E
DITORIAL AND TYPESETTING SERVICES: The Summit Group
C
OVER DESIGN: Paul Payer/ArtPlus Limited
Printed and bound in Canada
This book is printed on acid-free paper.
Table of Contents
ACKNOWLEDGMENTS xiii
1. INTRODUCTION 1
RICHARD G. LIPSEY & ALICE O. NAKAMURA
Endnotes 15
Bibliography 16
2. CONCEPTS AND MEASURES OF PRODUCTIVITY:
AN INTRODUCTION 19
W. ERWIN DIEWERT & ALICE O. NAKAMURA
Introduction 19
Different Types of Productivity Measures 22
Productivity Measures for the One Input-One Output Case 23
The Two Input, One Output Case 27
The General N Input, M Output Case 29
Conclusions 32
Appendix 34
Endnotes 35
Acknowledgments 37
Bibliography 37
3. POLICY CHALLENGES IN THE NEW ECONOMY 39
RICHARD G. LIPSEY
What is the “New Economy?” 39
General-Purpose Technologies 41
New Economies Throughout History 43
How Do We Know a New Economy When We See One? 44
Key Characteristics of the New Economy 49
Disbelievers in the Importance of the New Economy 54
Two Views of the Economy 55
Policy Challenges 59
Conclusion 69
Endnotes 70
Bibliography 73
4. THE SERVICES ECONOMY IN CANADA: AN OVERVIEW 77
RAM C. ACHARYA
Introduction 77
The Services Sector in G-7 Countries 79
Real Growth in Services in Canada 82
Employment in Services 84
Productivity and Wages in Services 91
Interdependence between the Goods and Services Sectors 96
Capital Intensity in the Services Industries 101
International Trade and Foreign Direct Investment in Services 105
Innovation in Services 110
ICT and Services 117
Conclusions 118
Appendix A 122
Appendix B 125
Appendix C 126
Endnotes 127
Acknowledgments 129
Bibliography 129
5. RELATIVE WAGE PATTERNS AMONG THE HIGHLY
EDUCATED IN A KNOWLEDGE-BASED ECONOMY 131
RENÉ MORISSETTE, YURI OSTROVSKY & GARNETT PICOT
Introduction 131
Data and Concepts 134
Employment Trends: 1981-2001 137
Exploring Gender and Age Differences 140
Disaggregating the Data by Industry 144
The Evolution of the “Field”Premium 150
Conclusions 151
Appendix 153
Endnotes 157
Bibliography 158
PANEL: KNOWLEDGE-ECONOMY AND SERVICES:
PERSPECTIVES AND ISSUES
WILLIAM WATSON
A Policy for Services? Don’t Tilt 159
6. LOCATION EFFECTS, LOCATIONAL SPILLOVERS
AND THE PERFORMANCE OF CANADIAN
INFORMATION TECHNOLOGY FIRMS 167
STEVEN GLOBERMAN, DANIEL SHAPIRO & AIDAN VINING
Introduction 167
Review of the Literature 169
Sample and Data 176
Estimation Model 179
Estimation Results 182
Conclusions and Implications 192
Appendix 1 195
Appendix 2 197
Endnotes 199
Acknowledgments 200
Bibliography 200
COMMENT 205
AJAY AGRAWAL
7. LIBERALIZATION IN CHINA’S KEY SERVICES
SECTORS FOLLOWING ACCESSION TO THE
WORLD TRADE ORGANIZATION: SOME
SCENARIOS AND ISSUES OF MEASUREMENT 211
JOHN WHALLEY
Overview 211
Trade Liberalization in Key Services Categories 212
China’s Banking, Insurance and Telecoms Sectors
and the Implications of China’s WTO Accession 216
Analytic Structures for Evaluating Chinese
WTO Commitments in Services 222
Quantifying the Effects of Services Liberalization in China 226
Concluding Remarks 229
Endnotes 230
Acknowledgments 231
Bibliography 231
COMMENT 233
JOHN MCHALE
8. CANADA’S EXPERIENCE WITH FOREIGN DIRECT
INVESTMENT: HOW DIFFERENT ARE SERVICES? 237
WALID HEJAZI
Introduction 237
Canada’s FDI Position in a Global Perspective 241
Changes in Canada’s Industry Level FDI 247
The Estimating Equation 257
Empirical Estimates 259
Policy Implications and Conclusions 265
Endnotes 267
Bibliography 268
COMMENT 269
JOHN RIES
9. PRODUCTIVITY GROWTH IN THE SERVICES INDUSTRIES:
PATTERNS, ISSUES AND THE ROLE OF MEASUREMENT 277
ANITA WÖLFL
Introduction 277
The Role of the Services Sector in the Economy 278
Productivity Growth and the Specific Characteristics of Services
Industries 294
The Role of Measurement 305
Conclusions 319
Endnotes 320
Acknowledgments 322
Bibliography 322
COMMENT 323
ALICE O. NAKAMURA
10. INNOVATION IN THE CANADIAN SERVICES SECTOR 329
PETR HANEL
Introduction 329
Innovation in Services — Concepts, Measures and Statistics 330
Canada’s Innovation in Services — an Overview 337
Canadian R&D in Services 356
Concluding Remarks 361
Appendix 363
Endnotes 366
Acknowledgments 371
Bibliography 372
COMMENT 375
STEVEN GLOBERMAN
11. TECHNOLOGY AND THE FINANCIAL SERVICES INDUSTRY 379
EDWIN H. NEAVE
Trends in Financial Services 379
E-finance in the Financial Services Industry 385
E-finance and Financial Markets 390
Implications for Public Policy 392
[...]... (Globerman, Shapiro and Vining, as well as Wernerheim and Sharpe, together with the discussions of these studies);4 (3) the FDI performance of services sector firms (Hejazi); (4) confronting the productivity paradox and the issue of whether or not Solow and Baumol got it wrong (Rao, Sharpe and Tang, as well as Wölfl); (5) innovation and R&D in services (Hanel); and (6) the data needs of the new economy (Diewert)... provided the English editing, page setting and the French translation; Véronique Dewez proofread the French version We would also like to thank Walter Hildebrandt and John King of the University of Calgary Press for their support in the publication of the volume Finally, we wish to thank the authors for participating in the project and the conference, as well as for their own excellent contributions and. .. Canada Acharya examines the size of the services sector over time as well as changes over time in real gross domestic product (GDP), shares of industry employment, and hourly wages for both the services and the goods sectors in Canada He also explores the interdependence among the services- producing and goods-producing industries, the capital intensities of these two sectors as well as their relationship... relative to other Canadian industries and their U.S counterparts Their main conclusion is that in the Canadian services sector, both labour and multi-factor productivity showed an impressive acceleration in growth between the 1981-1995 and 1995-2000 periods Retail trade and business services were the largest contributors to the acceleration in labour productivity growth However, the level of Canada services. .. remained the largest contributor to both business sector labour and multi-factor productivity in the United States in both the 1981-1995 and 1995-2000 periods The authors conclude that the performance of the Canadian services sector in terms of productivity growth is a success story both relative to other Canadian industries and relative to the U.S services sector They suggest, however, that if the Canadian... Canadians reap the full benefits of a knowledge-based economy He begins by examining some salient facts about services in Canada, noting the large size and central importance of services within the overall economy as well as the fact that services have become an important driver of growth in employment, exports and FDI He also observes that services hold the key to spreading and realizing the full benefits... Communication, Storage, Information and Entertainment Services 564 Finance and Insurance 567 Services 2: Leasing Services, Real Estate Services and Other Business Services 569 Education, Health and Social Assistance 571 Services 3: Live Entertainment, Sports, Cultural, Recreational, Travel, Restaurant and Personal Services 572 Summarizing Measurement Difficulties in the Services Sector 574 The General Structure... 2002, 2004); and Lipsey and Wills (1996) 15 LIPSEY & NAKAMURA 2 3 4 For example, Corak and Chen (2003) document the large magnitude of the diversion of resources away from some of the services sector industries that takes place through the Canadian Employment Insurance (EI) program: At the industry level, UI funds were transferred from the services and the public administration industries to the construction... of the economic importance of the services sector, innovation and technical change have been much less studied in services than in manufacturing He begins by discussing the concepts relevant to, and the measurement of, R&D and innovation in services industries He argues that much of the innovation in services is not well captured by the traditional indicators of innovation inputs (R&D activities) and. .. productivity performance for the economy as a whole Recognizing this, the United States has now committed significant resources to improving services sector measurement The study of productivity and the ‘ economy new also requires a proper theoretical framework The papers in this volume illustrate the evolutionary nature of services, and the pervasive importance of context In the large body of research . WÖLFL
Introduction 277
The Role of the Services Sector in the Economy 278
Productivity Growth and the Specific Characteristics of Services
Industries 294
The Role of. 1700-2001
Services Industries and
the Knowledge-Based
Economy
GENERAL EDITORS: RICHARD G. LIPSEY & ALICE O. NAKAMURA
LIPSEY
NAKAMURA
SERVICES INDUSTRIES
AND
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