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The productivity slowdown : is it the ‘new normal’?

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Crafts, N. F. R. (2018) The productivity slowdown : is it the ‘new normal’? Oxford Review of Economic Policy, 34 (3). pp. 443-460. doi:10.1093/oxrep/gry001

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Official URL: https://doi.org/10.1093/oxrep/gry001

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Abstract

This paper considers the paradoxical co-existence of a productivity slowdown and exciting new technologies. Several potential explanations are reviewed. It is argued that while some are unpersuasive it is too soon to know which carry the most weight. However, the slowdown does not appear to be an artefact of the data. A key, hotly disputed, issue is the future economic impact of today’s technological progress. As with previous general purpose technologies, it is likely that there will be powerful effects but only with a lag. This has the implication that while the slowdown is real it is not necessarily permanent.

Item Type: Journal Article
Subjects: H Social Sciences > HC Economic History and Conditions
H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management
Divisions: Faculty of Social Sciences > Economics
Library of Congress Subject Headings (LCSH): Technological innovations -- Economic aspects, Research, Industrial, Labor productivity, Economic development
Journal or Publication Title: Oxford Review of Economic Policy
Publisher: Oxford University Press
ISSN: 0266-903X
Official Date: 2 July 2018
Dates:
DateEvent
2 July 2018Published
31 January 2018Accepted
UNSPECIFIEDAvailable
Volume: 34
Number: 3
Page Range: pp. 443-460
DOI: 10.1093/oxrep/gry001
Status: Peer Reviewed
Publication Status: Published
Publisher Statement: This is a pre-copyedited, author-produced version of an article accepted for publication in Oxford Review of Economic Policy following peer review. The version of record Nicholas Crafts; The productivity slowdown: is it the ‘new normal’?, Oxford Review of Economic Policy, Volume 34, Issue 3, 2 July 2018, Pages 443–460. is available online at:https://doi.org/10.1093/oxrep/gry001
Access rights to Published version: Restricted or Subscription Access
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