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The Link Between Productivity and Economic Progress: Issues and Insights

In: Structural Transformation

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  • Piya Mahtaney

    (St. Xavier’s College)

Abstract

This chapter presents an analysis of the underpinnings of productivity through which it demonstrates the underlying reasons for the present slowdown in productivity and in doing so it will draw insights from events of economic history such as the two industrial revolutions. It will also provide an enumeration of the empirics of productivity and wages underpinning the US economy over the preceding 40 years and the underlying factors that have impacted firm-level performance in the United Kingdom over the last few decades. Two of the main insights that would be elucidated in this chapter are: Firstly, given that productivity is the cumulative outcome of economic, financial, institutional parameters it is inextricably linked with structural transformation. Secondly, the antecedents of the present productivity slowdown began much before the crisis of 2008. Thus, although estimates differ about the precise extent a substantive proportion of slowing down can be attributed to structural factors that are the cause rather than the consequence of the significantly reduced post-crisis growth rate.

Suggested Citation

  • Piya Mahtaney, 2021. "The Link Between Productivity and Economic Progress: Issues and Insights," Springer Books, in: Structural Transformation, chapter 0, pages 17-37, Springer.
    • Handle: RePEc:spr:sprchp:978-981-33-4662-8_2
    DOI: 10.1007/978-981-33-4662-8_2
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