Employment and Total Factor Productivity Convergence PDF Download
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Author: David Greasley
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
Using a new 16-country data set we demonstrate a robust negative employment-total factor productivity trade-off 1870-2004. Widely disparate cross country employment growth had a powerful long term influence on productivity dispersion. Unexceptional US productivity growth principally resulted from her exceptional employment growth rather than from her initially high productivity levels. The negative externalities associated with higher employment are shown to have dominated the diminishing of total factor productivity gaps among the 16 countries, and led to the erosion of US productivity leadership over the twentieth century.
Author: David Greasley
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
Using a new 16-country data set we demonstrate a robust negative employment-total factor productivity trade-off 1870-2004. Widely disparate cross country employment growth had a powerful long term influence on productivity dispersion. Unexceptional US productivity growth principally resulted from her exceptional employment growth rather than from her initially high productivity levels. The negative externalities associated with higher employment are shown to have dominated the diminishing of total factor productivity gaps among the 16 countries, and led to the erosion of US productivity leadership over the twentieth century.
Author: William J. Baumol
Publisher: Oxford University Press
ISBN: 0195359267
Category : Business & Economics
Languages : en
Pages : 356
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Book Description
This comprehensive study is a collection of original articles that view the current state of knowledge of the convergence hypothesis. The hypothesis asserts that at least since the Second World War, and perhaps for a considerable period before that, the group of industrial countries was growing increasingly homogeneous in terms of levels of productivity, technology and per capita incomes. In addition, there was general catch up toward the leader, with gradual erosion of the gap between the leader country, the U.S., throughout most of the pertinent period, and that of the countries lagging most closely behind it. The book examines patterns displayed by individual industries within countries as well as the aggregate economies, various influences that underlie the process of convergence that seems to have occurred, and the role that convergence has played and promises to play in the future of the newly industrialized nations and the less developed countries. Much of the analysis is set in a historical perspective, with particular attention paid to the record following World War II. The prestigious editors conclude that increasing productivity is the key to rising living standards in a globalized marketplace. Contributors include: Moses Abramovitz, Alice M. Amsden, Magnus Blomstrom, David Dollar, Takashi Hikino, Gregory Ingram, William Lazonick, Frank Lichtenberg, Robert E. Lipsey, Angus Maddison, Gavin Wright, and Mario Zejan.
Author: Andrew B. Bernard
Publisher:
ISBN:
Category : Convergence
Languages : en
Pages : 68
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Book Description
Author: Alistair Dieppe
Publisher: World Bank Publications
ISBN: 1464816093
Category : Business & Economics
Languages : en
Pages : 552
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Book Description
The COVID-19 pandemic struck the global economy after a decade that featured a broad-based slowdown in productivity growth. Global Productivity: Trends, Drivers, and Policies presents the first comprehensive analysis of the evolution and drivers of productivity growth, examines the effects of COVID-19 on productivity, and discusses a wide range of policies needed to rekindle productivity growth. The book also provides a far-reaching data set of multiple measures of productivity for up to 164 advanced economies and emerging market and developing economies, and it introduces a new sectoral database of productivity. The World Bank has created an extraordinary book on productivity, covering a large group of countries and using a wide variety of data sources. There is an emphasis on emerging and developing economies, whereas the prior literature has concentrated on developed economies. The book seeks to understand growth patterns and quantify the role of (among other things) the reallocation of factors, technological change, and the impact of natural disasters, including the COVID-19 pandemic. This book is must-reading for specialists in emerging economies but also provides deep insights for anyone interested in economic growth and productivity. Martin Neil Baily Senior Fellow, The Brookings Institution Former Chair, U.S. President’s Council of Economic Advisers This is an important book at a critical time. As the book notes, global productivity growth had already been slowing prior to the COVID-19 pandemic and collapses with the pandemic. If we want an effective recovery, we have to understand what was driving these long-run trends. The book presents a novel global approach to examining the levels, growth rates, and drivers of productivity growth. For anyone wanting to understand or influence productivity growth, this is an essential read. Nicholas Bloom William D. Eberle Professor of Economics, Stanford University The COVID-19 pandemic hit a global economy that was already struggling with an adverse pre-existing condition—slow productivity growth. This extraordinarily valuable and timely book brings considerable new evidence that shows the broad-based, long-standing nature of the slowdown. It is comprehensive, with an exceptional focus on emerging market and developing economies. Importantly, it shows how severe disasters (of which COVID-19 is just the latest) typically harm productivity. There are no silver bullets, but the book suggests sensible strategies to improve growth prospects. John Fernald Schroders Chaired Professor of European Competitiveness and Reform and Professor of Economics, INSEAD
Author: Mr.Roberto Cardarelli
Publisher: International Monetary Fund
ISBN: 1513551647
Category : Business & Economics
Languages : en
Pages : 24
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Book Description
Total factor productivity (TFP) growth began slowing in the United States in the mid-2000s, before the Great Recession. To many, the main culprit is the fading positive impact of the information technology (IT) revolution that took place in the 1990s. But our estimates of TFP growth across the U.S. states reveal that the slowdown in TFP was quite widespread and not particularly stronger in IT-producing states or in those with a relatively more intensive usage of IT. An alternative explanation offered in this paper is that the slowdown in U.S. TFP growth reflects a loss of efficiency or market dynamism over the last two decades. Indeed, there are large differences in production efficiency across U.S. states, with the states having better educational attainment and greater investment in R&D being closer to the production “frontier.”
Author: Stephen M. Miller
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
We study the convergence, or lack thereof, of total factor productivity and real GDP per worker for a pooled (cross-section, time-series) sample of developed and developing countries, adding breadth and depth to the convergence debate. We first estimate total factor productivity from a parsimonious specification of the aggregate production function involving output per worker, capital per worker, and the labor force, both with and without the stock of human capital. Then we test for absolute and conditional convergence of total factor productivity and real GDP per worker, using cross-section and cross-section, time-series data. Fixed-effect estimates across countries convert the cross-section test of absolute convergence into a pooled test of conditional convergence, since it controls for country-specific effects. Our tests consider both B- and O-convergence. Our findings support both absolute and conditional B-convergence of total factor productivity, but only conditional convergence of real GDP per worker. Further, O-convergence tests must by definition measure absolute convergence, since conditional convergence assumes that an equilibrium dispersion of total factor productivity or real GDP per worker exists. We find mixed evidence for absolute O-convergence.
Author: Rachel Griffith
Publisher:
ISBN:
Category : Business enterprises, Foreign
Languages : en
Pages : 44
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Book Description
Author: Edward N. Wolff
Publisher: Cambridge University Press
ISBN: 1107651212
Category : Business & Economics
Languages : en
Pages : 537
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Book Description
A vast new literature on the sources of economic growth has now accumulated. This book critically reviews the most significant works in this field and summarizes what is known today about the sources of economic growth. The first part discusses the most important theoretical models that have been used in modern growth theory as well as methodological issues in productivity measurement. The second part examines the long-term record on productivity among Organization for Economic Co-operation and Development (OECD) countries, considers the sources of growth among them with particular attention to the role of education, investigates convergence at the industry level among them, and examines the productivity slowdown of the 1970s. The third part looks at the sources of growth among non-OECD countries. Each chapter emphasizes the factors that appear to be most important in explaining growth performance.
Author: Charles R. Hulten
Publisher: University of Chicago Press
ISBN: 0226360644
Category : Medical
Languages : en
Pages : 648
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Book Description
The productivity slowdown of the 1970s and 1980s and the resumption of productivity growth in the 1990s have provoked controversy among policymakers and researchers. Economists have been forced to reexamine fundamental questions of measurement technique. Some researchers argue that econometric approaches to productivity measurement usefully address shortcomings of the dominant index number techniques while others maintain that current productivity statistics underreport damage to the environment. In this book, the contributors propose innovative approaches to these issues. The result is a state-of-the-art exposition of contemporary productivity analysis. Charles R. Hulten is professor of economics at the University of Maryland. He has been a senior research associate at the Urban Institute and is chair of the Conference on Research in Income and Wealth of the National Bureau of Economic Research. Michael Harper is chief of the Division of Productivity Research at the Bureau of Labor Statistics. Edwin R. Dean, formerly associate commissioner for Productivity and Technology at the Bureau of Labor Statistics, is adjunct professor of economics at The George Washington University.
Author: Bart van Ark
Publisher: Springer Science & Business Media
ISBN: 1475731612
Category : Business & Economics
Languages : en
Pages : 408
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Book Description
Productivity, Technology and Economic Growth presents a selection of recent research advances on long term economic growth. While the contributions stem from both economic history, macro- and microeconomics and the economics of innovation, all papers depart from a common viewpoint: the key factor behind long term growth is productivity, and the latter is primarily driven by technological change. Most contributions show implicitly or explicitly that technological change is at least partly dependent on growth itself. Furthermore, technology appears to interact strongly with investment in physical and human capital as well as with changes in historical, political and institutional settings. Together these papers are an up-to-date account of the remarkable convergence in theoretical and empirical work on productivity and growth over the past decades. The first part deals with the characteristics of growth regimes over longer periods, ranging from 20 years to two centuries. The next four chapters study the determinants of productivity growth and, in some cases, productivity slowdown during the last quarter of the twentieth century. The final five chapters focus on the role of technology and innovation as the key determinants of growth. Productivity, Technology and Economic Growth is, therefore, a welcome collection for academic scholars and graduate students in economics, history and related social sciences as well as for policy makers.
