Tag: puzzle

Forget productivity growth in future?

The following are notes jotted down whilst reading a lecture (40 x A4 pages long) given by Adair Turner, Chair of INET (Institute for New Economic Thinking) in Washington DC in 2018 __________________________________________________________________________ Summary: The lecture covers the possible long term impact of rapid technological progress – i.e. work automation and AI – on the nature of …

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Cheap labour solves productivity puzzle?

Merryn Somerset Webb, editor of the magazine Moneyweek, claims to have solved the productivity puzzle afflicting the UK – actually, all other developed economies are suffering in much the same way  “It’s never ever seemed like much of a puzzle to us” she says, adding: “We’ve written many times over the last decade that, if you …

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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 …

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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 …

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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 …

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