 Productivity improvement and economic growth: lessons from JapanKoji Nakamura, Sohei Kaihatsu and Tomoyuki Yagi Economic Analysis and Policy, 2019, vol. 62, issue C, 57-79 Abstract: Labor productivity growth in major advanced countries has been experiencing a slowdown in recent years. This paper examines the background of recent low labor productivity growth in Japan. There are two reasons behind the productivity slowdown in Japan. First, technology and ideas accumulated by research and development (R&D) as well as management resources such as capital and labor are not utilized efficiently. Second, these resources are not efficiently reallocated across corporations. In order to improve Japan’s productivity in the medium to long-term, it is desirable to encourage the flexible reallocation of management resources such as capital and labor by changing working process at the corporate level in accordance with changes in the socio-economic environment and the advent of new technologies, as well as by improving efficiency in the labor and capital markets. Keywords: Productivity; Potential growth; Intangible assets; Resource reallocation (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:ecanpo:v:62:y:2019:i:c:p:57-79 DOI: 10.1016/j.eap.2018.11.002 Access Statistics for this article Economic Analysis and Policy is currently edited by Clevo Wilson More articles in Economic Analysis and Policy from Elsevier |
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