The UK Productivity and Jobs Puzzle
Does the Answer Lie in Wage Flexibility
Bibliographic Data
| ID | 9708332 |
|---|---|
| Authors | Joao Paulo Pessoa (0000-0002-0225-2530, London School of Economics and Centre for Economic Performance), John Van Reenen (0000-0001-9153-2907, London School of Economics and Political Science) |
| Year | 2014 |
| Volume | 124 |
| Issue | 576 |
| Pages | 433-452 |
| Publication date | 2014-05-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | The Economic Journal (JOURNAL) |
| Journal identifiers | ISSN: 0013-0133 • E-ISSN: 1468-0297 |
| Publisher | Oxford University Press (OUP) (PUBLISHER) |
| DOI | 10.1111/ecoj.12146 |
| OpenAlex | W2138535682 |
| Language | EN |
| Citations received | 21 |
| References cited | 17 |
UK GDP per worker fell by almost 4% in the five years following Lehman's collapse in 2008, something unprecedented in post‐war history. A possible reason for poor productivity is low growth in the effective capital–labour ratio. This is likely to have occurred because there has been a fall in real wages and increases in the cost of capital due to the financial crisis. We simulate various changes in the capital–labour ratio and after accounting for these changes, the evolution of total factor productivity appears much more similar to earlier severe recessions and likely to be related to underutilised resources
Capital (architecture · Demographic economics · Economics · Fell · Financial crisis · Flexibility (engineering · Geography · Keynesian economics · Labour economics · Macroeconomics · Monetary economics · Productivity · Recession · Wage · Economic Growth and Productivity · Economic Theory and Policy · Labor market dynamics and wage inequality
Accounting for the UK Productivity Puzzle
Cross-Country Differences in Productivity
Breaching boundaries
The UK's Great Demand and Supply Recession
The Great British Productivity Puzzle and Regional Industries
Tracking the Slowdown in Long-Run GDP Growth
The concept of labour migration from the perspective of Central and Eastern Europe
What drives TFP long-run dynamics in five large European economies
Migration and fiscal policy as factors explaining the labour-market resilience of UK regions to the Great Recession
Institutions and the productivity challenge for European regions
The politics of the British model of capitalism’s flatlining productivity and anaemic growth
Low interest rates, low productivity, low growth? A multi-sector case study of UK-based firms’ funding and investment strategies in the context of loose monetary policy
Productivity slowdown across European regions
Industrial policy, productivity and place
Recent trends in firm‐level total factor productivity in the UK
Accounting for the slowdown in UK innovation and productivity
What Can Wages and Employment Tell Us about the UK's Productivity Puzzle
Real Wages and Unemployment in the Big Squeeze
Can Helping the Sick Hurt the Able? Incentives, Information and Disruption in a Welfare Reform
Mental health and labour productivity
Challenges to Mismeasurement Explanations for the US Productivity Slowdown
Fiscal Policy in a Depressed Economy
Zombie Lending and Depressed Restructuring in Japan
Uncertainty and Investment Dynamics
Cross-Country Differences in Productivity
Evaluating the Employment Impact of a Mandatory Job Search Program
Misallocation and Manufacturing TFP in China and India
British relative economic decline revisited
Real Wages and Unemployment in the Big Squeeze
Measuring and Explaining Management Practices Across Firms and Countries
| Unique citing works | 21 |
|---|---|
| Citations per year | 1,62 |
| Citation span | 2013 - 2026 (14) |
| Citation velocity | current |
| Highly cited | No |
| Citation types | Neutral: 20 |