We should take the long view on the productivity growth conundrum
Productivity growth has declined globally since the financial crisis, despite many economies being at full employment. But there is an explanation
‘Productivity isn’t everything, but in the long run it is almost everything”
– Paul Krugman, Nobel laureate
Since the global financial crisis, measures of productivity growth in the developed world have declined significantly.
This development has not garnered much publicity. Let’s face it: productivity growth is hardly a sexy topic.
However, it is hard to overstate the importance of productivity growth over the longer term. This is because productivity growth is the essential ...
