Oxford Review of Economic Policy volume 22, issue 4, P445-456 2006 DOI: 10.1093/oxrep/grj026 View full text
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K. Mayhew, A. Neely

Abstract: Hourly productivity levels in the UK still remain behind those in some competitor countries. The government devotes much policy attention to enhancing productivity and continues to emphasise its five drivers-investment, innovation, skills, enterprise, and competition. This article argues that it is investment broadly defined that is the key to sustained productivity improvement. The emphasis should be on improving productivity simultaneously with improving the quality of production. Only thus will the gains be…

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