The productivity growth slowdown in advanced economies: causes and policy recommendations

Wroński, Marcin

doi:10.2478/ijme-2019-0020

Cited by 4 publications

(4 citation statements)

References 55 publications

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“…Innovation , which R&D proxies, has a significant effect on determining productivity growth. Thus, reductions in spending on research and development and a slowing pace of innovation could lead to a productivity slowdown (Wroński, 2019)—the so‐called “secular stagnation” largely associated with fading technological opportunities (Gordon, 2016) and a global innovation slowdown (Summers, 2014). The impact (elasticity) of R&D on productivity is larger in regions that higher innovation performance (e.g., knowledge hubs) characterizes, while industry affiliation and regional characteristics mediate the gains from R&D (Prenzel et al, 2018; Vogel, 2013).…”

Section: Literature Reviewmentioning

confidence: 99%

A holistic approach of the labour productivity slowdown in the regions of the European Union

Tsiapa

2023

Papers in Regional Science

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Productivity growth reflects the efficiency and the improvements in prosperity of economies. The productivity slowdown that has emerged in many advanced countries jeopardizes their economic potential and social cohesion.This paper attempts to analyse the complex problem of productivity and detect the culprits in the European Union's productivity slowdown. From a holistic viewpoint, the paper explores a multidimensional context of socio-economic and institutional factors, as well as the existence of spillover effects through a regional-aspect compound analysis.Studying the productivity slowdown of NUTS 2 regions for the period 2000-2019 the analysis discerns four categories of factors that lead to valuable policy implications.

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Section: Literature Reviewmentioning

confidence: 99%

A holistic approach of the labour productivity slowdown in the regions of the European Union

Tsiapa

2023

Papers in Regional Science

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“…In the eighteenth and nineteenth century advances related with the Industrial Revolution significantly diminished the expenses of creating food, clothing, and different merchandise-through recording gadgets, radio, film, TV, planes, and vehicles, the expenses of correspondence and transportation. Gordon in the year 2017, observed that the most monetarily significant advancements happened from 1870 to 1970, a period related with exceptionally quick development (Wroński, 2019).…”

Section: Literature Reviewmentioning

confidence: 99%

An Empirical Study to Identify Determinants of Effect of Technology on Labour Market in Emerging Indian Economy

2023

Journal of Informatics Education and Research

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The manufacturing companies have put forward their interests in investments for innovation and development in technology for opening the economy of the nation. The foreign trade as well as advent of technology have been the two important reasons for manufacturers to invest even more in the research and development associated to manufacturing industries (Lee et al., 2018). This paper throws light on the factors necessary for analyzing the impact of development in technology on the labor markets prevalent in India. The labor market in the country is dynamic in nature. We analyze the effect of innovation on business and the interest of investors in technology amidst the manufacturing sector in India. There are major queries at various platforms such as whether technology in rise is going to affect employment rate or not; whether labors will find it difficult to locate jobs for themselves and cases of inequality along with minimal wages while exploiting the labors could potentially grow if the things are not monitored carefully. These doubts need justifiable clarifications. With the objective of determining the factors related to technology and its impact on the labor market, this study has been formulated. A sample of 173 people associated with labor market was surveyed to know the factors that determine the impact of technology on labor market and its significance. It is found that Technology creation as well as destruction, labors and industries determine the impact of technology on labor market.

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“…While productivity measures how efficiently an economy operates, such a measure is considered a strong determinator of long-run economic growth (Productivity Commission, 2009). Total factor productivity (TFP), measuring how much output is produced from a certain level of inputs, has significantly slowed in advanced economies since the early 1970s, contributed by the slowing of human capital accumulation, aging populations, structural transformation limits and capital misallocations (Wronski, 2019). In addition to this, global economic growth has been destabilised by several exogenous shocks over the last couple of decades, including the commodity crisis, Global Financial Crisis (GFC) and COVID-19, to name a few.…”

Section: Introductionmentioning

confidence: 99%

Productivity Growth Recovery Mechanisms: An ARDL Approach Lessons from the United States, Japan and South Korea

Koczyrkewycz¹,

Chaiechi²,

Beg³

2021

Bulletin of Applied Economics

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Productivity growth is an essential ingredient for achieving long-term economic growth and sustainable development. In the absence of such growth, economic growth is not achievable. Accordingly, this paper examines economic resilience through multiple productivity channels within the United States, Japan and South Korea. Adopting a Kaleckian post-Keynesian approach, productivity growth is constructed as a function of investment, capacity utilisation, indicators of financial development, and an indicator of fiscal policy. Utilising annual historical data from 1980-2019, this paper adopts Autoregressive Distributed Lag (ARDL) models, Vector Autoregressive-based Impulse Response Functions (IRF) and Variance Decompositions (VD) to examine the resilience of productivity growth through the speeds of adjustment after an external shock. Results show that long and short-run unidirectional causality between productivity growth and the explanatory variables exists amongst all economies through the errorcorrection terms (ECT) and ARDL models. When imposing a simulated one-time S.D. shock upon the explanatory variables, differing speeds of adjustment and recovery processes in the long-run are present. As such, the strength of causal relationships amongst productivity growth and the explanatory variables ultimately affects speeds of adjustment and hence recovery.

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The productivity growth slowdown in advanced economies: causes and policy recommendations

Cited by 4 publications

References 55 publications

A holistic approach of the labour productivity slowdown in the regions of the European Union

A holistic approach of the labour productivity slowdown in the regions of the European Union

An Empirical Study to Identify Determinants of Effect of Technology on Labour Market in Emerging Indian Economy

Productivity Growth Recovery Mechanisms: An ARDL Approach Lessons from the United States, Japan and South Korea

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