Efficiency in Welsh coal mining: A comment |
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| Authors: | SP Chakravarty DE Hojman |
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| Institution: | Economics Department, University College of North Wales, Bangor, Gwynedd, LL57 2DG, UK;Economics Department, University of Liverpool, PO Box 147, Liverpool, L69 3BX, UK |
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| Abstract: | Comparison of labour productivities and wage-to-price ratios suggests that the Coal Board's behaviour was not profit-maximizing. This does not make the use of production functions to determine optimal scale very relevant. In particular, the current debates about efficiency and closures cannot be approached solely or mainly from production function analysis. |
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| Keywords: | Welsh coal mining Production functions Optimal policies |
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