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Search results: productivity

Productivity: the long global view

26 May 2017, by in Economics

We’re often told that the key to raising wages is to solve the ‘productivity puzzle’. Output per worker has stagnated since the financial crisis, leading economists to worry that the outlook for the economy is bleak. But a range of evidence across many countries suggests that the fall in productivity can be dated back to…

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Productivity and the 2016 Autumn Statement: an antidote to Brexit?

23 Nov 2016, by in Economics

Philip Hammond committed to raising productivity in today’s Autumn Statement. A National Productivity Investment Fund worth £23bn will focus on infrastructure, including digital communications, and research and development. £23bn sounds like a lot of money; as Geoff has blogged elsewhere, it is actually less than it sounds, but it is a step in the right…

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The public need to understand how the productivity fallacy supports spending cuts

07 Apr 2016, by in Economics

It is difficult for the public to appreciate how fundamental a specific interpretation of ‘productivity’ is to supporting the government’s fiscal policy. It is even more difficult to comprehend that this interpretation is primarily a policy-based or ideological judgement, based on the thinnest scientific assessment.  This difficulty is exacerbated by most economists seemingly being unable…

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Love productivity? Then you should #heartunions

11 Feb 2016, by in Economics

It is heartunions week – and perhaps one of the more surprising reasons to love unions is that they are good for productivity. I have an article on this in an e-pamphlet recently published by the IPA ‘Involvement and Productivity – The missing piece of the puzzle?’ Productivity has risen up the agenda in recent…

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Making work better – the key to the productivity puzzle

24 Nov 2015, by in Working Life

Politicians and policy makers talk a lot about the UK’s poor productivity record, with output per hour still below pre-crisis levels and well behind France, Germany and the USA. Narrowing the productivity gap with our competitors is worth a staggering £21,000 per year for every household in the UK. Boosting productivity growth (in both the…

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Next chancellor should reject flawed logic of FT’s Chris Giles in saying weak productivity would require ‘harsher austerity’

07 May 2015, by in Economics

In a column in today’s Financial Times (‘What the next chancellor does not yet know’), Chris Giles sets the economic tone for the next Parliament in part on the basis of yet unknown productivity outcomes.  For Giles, as for many others, productivity is an inherent quality or defect of the economy that operates on a…

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