Labor Productivity. Definition Labor productivity : Productivity per hour- worked:

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Presentation transcript:

Labor Productivity

Definition Labor productivity : Productivity per hour- worked:

Definition Importance of labor productivity: GDP per-capita = Productivity per hour worked x Total hours worked x Participation rate x Share of adult population to be able to work

Definition Factors influencing on productivity growth: Capital deepening Labor quality Total factor productivity

US vs EU

US productivity growth Source: D. Jorgenson et al. (2008)

US sources of productivity From : ICT From 2000 on : Capital deepening

EU: empirical evidence Source: van Ark et al. (2008)

EU: empirical evidence Source:R. Inklaar et al.. (2008)

EU: empirical evidence Source: van Ark et al. (2008)

EU: empirical evidence Source: van Ark et al. (2008)

EU : Catching-up period. Technology imitation and new institutions : Productivity slowdown. Reduction: labor force participation rate and working hours : Europe’s falling behind. Slower ICT diffusion

EU vs US: sources of prod. growth Source: van Ark et al. (2008)

EU vs US: sources of prod. growth Source: van Ark et al. (2008)

The puzzle of service sector Source: van Ark et al. (2008)

The puzzle of service sector Source: van Ark et al. (2008)

The puzzle of service sector Source: R. Inklaar. (2008)

The puzzle of service sector Source: R. Inklaar. (2008)

The puzzle of service sector Source: R. Inklaar. (2008)

Strategies for the EU Find mechanism to exploit service innovations Emphasis on human resources Services: less standardized and more customized production.