Crafts, N. F. R. (2006) Regulation and productivity performance. Oxford Review of Economic Policy, Volume 22 (Number 2). pp. 186-202. doi:10.1093/oxrep/grj012

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Abstract

The paper reviews theory and evidence on the ways in which regulation affects productivity outcomes. In a context of endogenous growth, it is argued that traditional measures of compliance costs miss the potentially most important impacts of regulation on productivity which occur through changes in incentives to invest and to innovate. Recent attempts to measure cross-country variations in the strength of product-market and employment regulation are considered and some weaknesses are highlighted. Nevertheless, consistent with endogenous growth models, there appears to he quite strong evidence that regulations which inhibit entry into product markets have an adverse effect on TFP growth in OECD countries. Although there are some discrepancies in the evidence, on most measures the UK appears lightly regulated relative to France and Germany, and this may have contributed to a reduction in the recent past in the UK's TFP gap.

Item Type:	Journal Article
Subjects:	H Social Sciences > HC Economic History and Conditions
Divisions:	Faculty of Social Sciences > Economics
Journal or Publication Title:	Oxford Review of Economic Policy
Publisher:	Oxford University Press
ISSN:	0266-903X
Official Date:	2006
Dates:	Date Event 2006 Published
Volume:	Volume 22
Number:	Number 2
Number of Pages:	17
Page Range:	pp. 186-202
DOI:	10.1093/oxrep/grj012
Status:	Peer Reviewed
Publication Status:	Published
Access rights to Published version:	Restricted or Subscription Access

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