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A perspective on UK productivity performance

Nicholas Crafts () and O'Mahony, Mary

Fiscal Studies, 2001, vol. 22, issue 3, pages 271-306

Abstract: The paper reviews recent UK productivity performance using insights from new growth economics and its embodiment in growth accounting techniques. The sources of the UK labour productivity gap are found to differ across countries; broad capital per worker plays a larger part with regard to France and Germany while innovation matters more compared with the USA. The role of incentive structures is examined and the importance of competition as an antidote to agency problems in UK firms is highlighted. Current UK policy is reviewed and the need to address government as well as market failures is stressed.

JEL-codes: D24 O47 O52 (search for similar items in EconPapers)
Date: 2001
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