Understanding Productivity

This book targets policymakers, students across multiple disciplines and readers eager to examine the productivity 'black box', to participate in an informed exploration of theory and evidence-based perspectives and to formulate their own conclusions about this critically important dimension of contemporary economic discourse and debate. A central concern of economists, policymakers and civil society in recent years has been the persistent and widespread slowdown in global productivity growth. This stands in stark contrast to the robust productivity performance and associated prosperity witnessed across advanced economies in previous decades. The productivity slowdown represents a significant concern because it underpins the tensions emerging from income and wealth inequality, an expanded corporate profit share and geopolitical friction as established and emerging economic powers vie for global market supremacy. History offers numerous examples of technological advancement coinciding with heightened economic uncertainty and political discontent, yet these were also predominantly periods of accelerated productivity growth. This volume delivers a guide to the contested terrain through a diversity of perspectives spanning mainstream economic analysis to institutional and political economy frameworks. It encompasses topics ranging from the definition and measurement of productivity to the function of research and innovation, financialization and business dynamism, management quality and workplace relations and the existential implications and opportunities presented by climate change. Understanding Productivity targets policymakers, students across multiple disciplines and readers eager to examine the productivity "black box," to participate in an informed exploration of theory and evidence-based perspectives and to formulate their own conclusions about this critically important dimension of contemporary economic discourse and debate.