Recent discussions on the definition of growth in terms of welfare beyond GDP suggest that it is of urgent need to develop new approaches for measuring the economic performance of the firms and national economies. The new concepts should take into account simultaneously economic as well as social and environmental goals. We first discuss several approaches to productivity measures. Then we extend the Data Envelopment Analysis models for environment to measure the so called eco-efficiency and for social indicators to take into account the social performance. For an illustration, we perform the analysis of 30 European countries in the year 2010. In the last section we discuss the possibilities of inter-temporal analysis of proposed models and of their use in ex-ante evaluation of different policy scenarios.
In the present paper, we analyse the determinants of employment growth in V4 countries. While a standard approach relies on the parametric estimation of labour elasticity coefficients, we employ a novel approach based on structural decomposition analysis. This allows us to identify several determinants which mitigate the effects of economic growth on employment. We decompose the overall change in employment into the contribution of six factors: changes in labour productivity, changes in the import of intermediate products, changes in the structure of production, changes in the final demand structure by industries and by sectors, and a change in final demand volume. We show that besides the generally accepted influence of labour productivity growth on employment, other factors such as structural changes and changes in final demand played an important role in employment changes. These results shed some light on low labour elasticity in V4 countries and go beyond the simple labour productivity growth argument.
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