Tag Archive: puzzle

Jul 19

UK – a hub with no spokes

Andy Haldane, chief economist at the BoE (Bank of England) and so one of the finest of finest economic thinkers, recently gave a speech about the UK’s productivity problem to the Academy of Social Sciences – clearly, we should treat his every word with great respect, or should we? The following is a precis of …

Continue reading »

Jul 07

Sheffield’s answer to the puzzle

In 2015, the University of Sheffield showed Mark Carney, Governor of the Bank of England, two photographs: One of the Orgreave coking plant that closed in 1990 – ‘a brown and broken edifice dissolving like a rust stain into a post-industrial landscape’ The other, taken a decade later, of a solitary gleaming building on the …

Continue reading »

Oct 31

Current national productivity levels

Existing national measures of GDP and productivity suggest the national wealth pie is not growing as before, and apparent productivity gaps between the UK and other developed G7 nations, which have persisted for decades, continue to do so The ONS (Office for National Statistics) admits to making errors and assumptions when collecting and publishing this …

Continue reading »

Jun 27

Baumol’s disease

Professor William Baumol of Princeton University recently died aged 95 ‘Baumol’s disease’ is thought by some to explain the current productivity puzzle afflicting most developed nation’s economies, especially their labour-intensive service industries e.g. healthcare, education, performing arts Quoting from an article by George Will in The Washington Post, Senator Daniel Moynihan explained this disease: “The number …

Continue reading »

Apr 15

Passports to productivity Improvement?

Some say the ‘Productivity Puzzle’ is the result of a storm of problems affecting both supply and demand in G7 developed nations viz: Supply: In the past, major technological advances (aka Schumpeter discontinuities) enabled quantum leaps in productivity levels – G7 nations would all adopt them and improve at about the same rate – now, without more …

Continue reading »

Older posts «