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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
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 |
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| 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: |
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| Date of first compliant deposit: | 8 February 2018 | ||||||||
| 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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