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Posts Tagged ‘Productivity’

Eine Lösung für das Produktivitäts-Puzzle

Posted by hkarner - 13. Mai 2018

James Manyika

James Manyika is Chairman of the McKinsey Global Institute and a senior partner in McKinsey & Company’s San Francisco Office.

Myron Scholes, a Nobel laureate in economics, is the Frank E. Buck Professor of Finance, Emeritus, at the Stanford Graduate School of Business and co-originator of the Black-Scholes options pricing model.

SAN FRANCISCO – Seit Jahren ist eines der großen Rätsel in der Wirtschaft für das sinkende Produktivitätswachstum in den Vereinigten Staaten und anderen fortgeschrittenen Volkswirtschaften verantwortlich. Ökonomen haben eine Vielzahl von Erklärungen vorgeschlagen, von ungenauen Messungen über „säkulare Stagnation” bis hin zu der Frage, ob die jüngsten technologischen Innovationen produktiv sind.

Aber die Lösung des Rätsels scheint darin zu liegen, wirtschaftliche Zusammenhänge zu verstehen, anstatt einen einzigen Schuldigen zu identifizieren. Und in diesem Punkt kommen wir möglicherweise der Frage auf den Grund, warum sich das Produktivitätswachstum verlangsamt hat.

Betrachtet man das Jahrzehnt seit der Finanzkrise 2008 – eine Zeit, die für die starke Verschlechterung des Produktivitätswachstums in vielen Industrieländern bemerkenswert ist -, so lassen sich drei herausragende Merkmale feststellen: ein historisch niedriges Wachstum der Kapitalintensität, die Digitalisierung und eine schwache Nachfrageerholung. Zusammengenommen erklären diese Merkmale, warum das jährliche Produktivitätswachstum zwischen 2010 und 2014 um durchschnittlich 80 % auf 0,5 % gesunken ist, gegenüber 2,4 % ein Jahrzehnt zuvor. Den Rest des Beitrags lesen »

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Rethinking the Twenty-First-Century Economy

Posted by hkarner - 17. April 2018

Margareta Drzeniek-Hanouz

Margareta Drzeniek-Hanouz is Head of the Economics Unit at the World Economic Forum.

With the rise of digital technologies and big data, the global economy is undergoing a fundamental transformation that poses significant challenges to governments and policymakers. Unless tools are developed to measure new sources of value in the real economy, current and future generations‘ wellbeing will be in jeopardy.

GENEVA – Before the threat of a US-China trade war arose, surging stock markets and corporate profits had obscured the fact that the global economic system is under existential stress. Global financial stability remains considerably in doubt. Indeed, as world financial leaders gather for the annual IMF/World Bank spring conference in Washington, DC, the rapid pace of technological change and rising inequality are fueling ever louder calls for root-and-branch revision of the entire system.

For governments to cope with these mounting pressures, they will need to rethink the key policy tools on which they have relied for well over a century, starting first and foremost with taxation.

Death and taxes may have been the only certainties in the world of Benjamin Franklin two centuries or so ago; today, only death remains undeniable. With the rise of the digital economy, more and more economic value is derived from intangibles such as the data collected from digital platforms, social media, or the sharing economy. And because company headquarters can now be moved between countries with ease, governments are finding it ever harder to raise taxes. At the same time, public spending will likely have to increase to meet the demands of those left behind in the era of globalization and digital technologies.1 Den Rest des Beitrags lesen »

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Britain’s era of abysmal productivity growth could be at an end

Posted by hkarner - 13. April 2018

Date: 12-04-2018
Source: The Economist

The second half of 2017 saw the strongest productivity performance in over a decade

A FEW years ago the traffic lights around Trafalgar Square in London had a makeover. In place of the usual green man, which flashes when it is safe to cross the road, some lights had an image fitted of a same-sex couple holding hands. Timed to coincide with a gay-pride parade, the change was meant to symbolise London’s cosmopolitanism. But some economists joked that it was a symbol of something quite different. Where once a single worker was able to shepherd pedestrians across the road, two are now required. What better metaphor for Britain’s woeful labour-productivity growth?

It is little wonder that economists see weak productivity wherever they look. Britain has had a decade of barely any growth in the amount of output per hour of work (see chart). In the long term, productivity determines how much workers get paid. Stagnation over the past decade has thereby left Britons’ pay packets some 20% smaller than they would otherwise have been. It has also pressed down on the government’s tax take, ensuring that fiscal austerity has lasted longer than it otherwise might have. It is no stretch to say that weak productivity is Britain’s biggest economic problem—bigger, even, than the prospect of Brexit.

Lately, however, things have been looking better. Since 2016 productivity growth has been moving in the right direction. And in the second half of 2017, the latest period for which figures are available, output per hour grew by 1.7%, marking the country’s strongest performance in more than a decade. Are British workers shaping up at last? Den Rest des Beitrags lesen »

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Is Technology Hurting Productivity?

Posted by hkarner - 21. März 2018

Jeffrey Frankel, a professor at Harvard University’s Kennedy School of Government, previously served as a member of President Bill Clinton’s Council of Economic Advisers. He is a research associate at the US National Bureau of Economic Research, where he is a member of the Business Cycle Dating Committee, the official US arbiter of recession and recovery.

It is possible that new technologies are not just doing less to boost productivity than past innovations. They may actually have negative side effects that undermine productivity growth, and that reduce our wellbeing in other ways as well.

CAMBRIDGE – In recent years, productivity growth in developed economies has been stagnating. The most prominent explanations of this trend involve technology. Technological progress is supposed to increase economies’ productivity and potential growth. So what’s going on?

Harvard’s Martin Feldstein has argued persuasively that productivity growth is actually higher than we realize, because government statistics “grossly understate the value of improvements in the quality of existing goods and services” and “don’t even try to measure the full contribution,” of new goods and services. Over time, he asserts, these measurement errors are probably becoming more important. Den Rest des Beitrags lesen »

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Productivity

Posted by hkarner - 4. März 2018

Date: 01-03-2018
Source: The Economist: Free exchange

Labour-monitoring technologies raise efficiency—and hard questions
Pushing back against controlling bosses leaves workers more likely to be replaced by robots

BOSSES have always sought control over how workers do their jobs. Whatever subtlety there once was to this art, technology is now obliterating. In February Amazon received patents for a wristband apparently intended to shepherd labourers in its warehouses through their jobs with maximum efficiency. The device, were Amazon to produce and use it, could collect detailed information about each worker’s whereabouts and movements, and strategically vibrate in order to guide their actions. Using such technology seems an obvious step for firms seeking to maximise productivity. Whether workers should welcome the trend, or fear it, is harder to say.

Workplace discipline came into its own during the Industrial Revolution. As production came to depend ever more on expensive capital equipment, bosses, not keen to see that equipment sitting idle, curtailed their workers’ freedom, demanding they work during set hours, in co-ordination with other employees, at a pace dictated by the firm. Technology creates new opportunities for oversight. Editors can see which of their journalists attract the most readers (though many wisely focus on other measures of quality). Referees at sporting events are subject to reviews that check their decisions to within millimetres. Den Rest des Beitrags lesen »

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The Real Italian Job: Make the Economy More Productive

Posted by hkarner - 1. März 2018

Date: 27-02-2018
Source: The Wall Street Journal

Dysfunctional government and entrenched habits are holding back businesses, researchers say

ROME—The campaign leading up to Italy’s national elections on March 4 has featured populist promises of largess but neglected what economists have long said is the real Italian disease: The country has forgotten how to grow.

Take Gianni Angelilli’s pizzeria in downtown Rome. He uses an innovative dough mix and flexible cooking methods, drawing long lines and rave reviews. But Italy is too bureaucratic, the locals have no money and his ambition isn’t what it used to be, Mr. Angelilli said. If he opens more outlets, they will be abroad.

Now, foreigners have more desire to eat well than Italians,” he said. “Italy is dead. Italy is finito.”

Italy prides itself on its creativity, but its economy is recovering from the upheaval of recent years at a slower pace than the rest of Europe. The core of the problem is a lack of growth in productivity, which means the country has steadily lost touch with a rapidly changing world over the last quarter-century. Den Rest des Beitrags lesen »

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MGI Solving the Productivity Puzzle

Posted by hkarner - 23. Februar 2018

MGI-Solving-the-Productivity-Puzzle-In-brief-February-2018

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Weak Productivity: The Role of Financial Factors and Policies

Posted by hkarner - 9. Januar 2018

By Romain Duval, Giuseppe Nicoletti, and Fabrizio Zampolli, IMF Blog

January 8, 2018

weak productivity has been a problem even before the global financial crisis 

Almost ten years after the onset of the global financial crisis productivity growth remains anaemic in advanced economies despite very easy monetary conditions, casting doubts on the sustainability of the cyclical recovery. The productivity slowdown started well before the crisis, which then amplified the problem. To what extent can this slowdown be ascribed to policies and financial factors, including loose monetary policy prior to 2008, corporate and bank balance sheet vulnerabilities, and the exceptional monetary and financial policy responses to the crisis?

Together with policymakers and top scholars in the fields of finance and productivity, the Bank for International Settlements, the International Monetary Fund and the Organization for Economic Cooperation and Development, supported by the Global Forum on Productivity, will seek to address this question with a conference on Weak Productivity: The Role of Financial Factors and Policies held at OECD Headquarters in Paris, France on January 10 and 11. As the organizers of this conference, our goal is to stimulate and inform the policy debate, as well as open promising avenues for further research. Den Rest des Beitrags lesen »

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Wachstum ohne Biss: Warum Ökonomen den Wohlstand bedroht sehen

Posted by hkarner - 6. August 2017

 Eine ausgezeichnete Analyse von Andras Szigetvari, der sich immer mehr zu einer Größe beim Standard entwickelt!(hfk)

Bericht András Szigetvari 6. August 2017, 12:02 derstandard.at

Für Ökonomen ist es gegenwärtig eines der größten Rätsel: Die Welt kämpft mit dem langsamsten Produktivitätsanstieg in 60 Jahren. Neue Maschinen und Technologien, bessere Roboter und effizientere Programme breiten sich zu langsam im Wirtschaftsleben aus. Experten streiten darüber, was die genaue Ursache dafür ist. Vier Thesen zu einer globalen Herausforderung

Manuel Bruschi hat der Selbsttäuschung den Kampf angesagt und dafür 1,2 Millionen Euro aufgetrieben. Der 28-jährige Südtiroler hat mit drei Kollegen „Zei“ entwickelt. Dem achtseitigen Würfel lassen sich verschiedene Aktivitäten zuordnen, wie Teambesprechung, Recherche, Kaffeepause, Kollegentratsch. Jedes Mal, wenn der faustgroße Würfel gedreht wird, überträgt er die Zeit für die aktuelle Tätigkeit auf eine App oder ein Computerprogramm. Damit lässt sich exakt bestimmen, wie wir den Arbeitstag verbringen.

Der Würfel soll den Büroalltag produktiver machen. „Was wir nicht messen, können wir schlecht verbessern“, sagt Bruschi. Wer seinen Tag erst später dokumentiert, tendiere dazu, sich selbst zu belügen. Das Grazer Start-up hinter dem Würfel hat bereits besagte 1,2 Millionen von Investoren aufgetrieben, ist mit Auszeichnungen überhäuft worden und expandiert gerade in die USA. Zei trifft den Nerv der Zeit. Kaum eine Frage gibt Ökonomen weltweit derzeit so viele Rätsel auf wie jene, wie wir wieder produktiver werden können. Die Welt kämpft mit dem langsamsten Produktivitätsanstieg in 60 Jahren. Den Rest des Beitrags lesen »

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