 The Link Between Productivity and Economic Progress: Issues and InsightsPiya Mahtaney ()
Chapter Chapter 2 in Structural Transformation, 2021, pp 17-37 from Springer Abstract: Abstract This chapter presents an analysis of the underpinnings of productivity through which it demonstrates the underlying reasons for the present slowdown in productivity and in doing so it will draw insights from events of economic history such as the two industrial revolutions. It will also provide an enumeration of the empirics of productivity and wages underpinning the US economy over the preceding 40 years and the underlying factors that have impacted firm-level performance in the United Kingdom over the last few decades. Two of the main insights that would be elucidated in this chapter are: Firstly, given that productivity is the cumulative outcome of economic, financial, institutional parameters it is inextricably linked with structural transformation. Secondly, the antecedents of the present productivity slowdown began much before the crisis of 2008. Thus, although estimates differ about the precise extent a substantive proportion of slowing down can be attributed to structural factors that are the cause rather than the consequence of the significantly reduced post-crisis growth rate. Date: 2021 There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-981-33-4662-8_2 Ordering information: This item can be ordered from DOI: 10.1007/978-981-33-4662-8_2 Access Statistics for this chapter More chapters in Springer Books from Springer |
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