Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Posts Tagged ‘Productivity’

Chart of the Week: The Productivity Puzzle

Posted by hkarner - 14. März 2017

Posted on by iMFdirect

By iMFdirect

Technological change seems to be happening faster than ever. The prospect of driverless cars, robot lawyers, and 3D-printed human organs becoming commonplace suggests a new wave of technological progress. 

These advances should raise our standard of living by producing more goods and services with less capital and fewer hours of work—that is, by being more productive. But, to paraphrase Nobel laureate Robert Solow, we can see it everywhere but in the productivity statistics.

The vexing truth is that output per worker and total factor productivity—which measures the overall productivity of both labor and capital, and reflects such elements as technology—have slowed sharply over the past decade. Den Rest des Beitrags lesen »

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Rethinking Productivity Growth

Posted by hkarner - 4. März 2017

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No, Robots Aren’t Killing the American Dream

Posted by hkarner - 22. Februar 2017

Date: 21-02-2017
Source: The New York Times

Defenders of globalization are on solid ground when they criticize President Trump’s threats of punitive tariffs and border walls. The economy can’t flourish without trade and immigrants.

But many of those defenders have their own dubious explanation for the economic disruption that helped to fuel the rise of Mr. Trump.

At a recent global forum in Dubai, Christine Lagarde, head of the International Monetary Fund, said some of the economic pain ascribed to globalization was instead due to the rise of robots taking jobs. In his farewell address in January, President Barack Obama warned that “the next wave of economic dislocations won’t come from overseas. It will come from the relentless pace of automation that makes a lot of good middle-class jobs obsolete.”

Blaming robots, though, while not as dangerous as protectionism and xenophobia, is also a distraction from real problems and real solutions. Den Rest des Beitrags lesen »

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A group of elite firms has established a sustained lead. This is not a good thing

Posted by hkarner - 12. November 2016

Date: 10-11-2016
Source: The Economist: Schumpeter
Subject: The great divergence

ONE of Joseph Schumpeter’s best-known observations was that successful businesses stand on ground that is “crumbling beneath their feet”. A danger is that standing still and resting on your laurels can precipitate a swift tumble. Rivals, meanwhile, can draw on the available stock of knowledge and technology to catch up with the leaders. To stay ahead, front-runners must keep inventing new things. This means that capitalism is inherently unforgiving: today’s leader is tomorrow’s failure. But it also means that it is inherently progressive, since clever ideas are quickly spread through the economy.

Some striking new research suggests that this Schumpeterian mechanism may have broken down. The leaders are staying ahead much longer than is desirable. A group of researchers at the OECD, a club of mostly rich countries, examined the performance of a representative set of companies in 24 of its 35 member countries between 2001 and 2013. They discovered that the top 5% of them, dubbed “frontier firms”, have continued to increase their productivity while the other 95% (the laggards) have been stagnant in this regard. Den Rest des Beitrags lesen »

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Die nachhaltige Produktivitätskrise der Industrieländer – United we stand, divided we fall

Posted by hkarner - 3. November 2016

Georg ErberUlrich Fritsche und Patrick Harms, 31. Okt. 2016 Ökonomenstimme

Seit den siebziger Jahre befinden sich die Industrieländer nun bereits in einer eigentlichen Produktivitätskrise. Um diesen Trend zu brechen, bräuchte es eine koordinierte Wachstumsstrategie aller Länder, wie dieser Beitrag zeigt.

Spätestens seit dem Ausbruch der globalen Wirtschafts- und Finanzkrise im Jahr 2008 hat das globale Wirtschaftswachstum erneut deutlich an Geschwindigkeit verloren. Nicht nur die USA als Ausgangspunkt der Finanzkrise, sondern auch Europa im Zuge der Eurokrise, die insbesondere die sogenannten PIIGS-Staaten[ 1 ] in eine tiefe Rezession stürzten, konnten nur für einige Jahre mit massiven weltweiten Konjunkturprogrammen nach dem Pittsburgh-Gipfel stabilisiert und teilweise zu einem Wirtschaftsaufschwung zurückgeführt werden.

Die USA und die VR China nahmen dabei als die zwei größten Volkswirtschaften eine Schlüsselrolle ein. Allerdings zeigte sich sehr rasch, dass mit dem sukzessiven Auslaufen der Programme, der selbsttragende Aufschwung in der Mehrzahl der Länder insbesondere in Europa sowie auch in Japan, welches schon seit Beginn der Balance-Sheet-Rezession zu Beginn der 1990er[ 2 ] Jahre an einer langanhaltenden Wachstumsschwäche leidet, nicht zurückgekehrt sind. Das durch schubweise diskretionäre Fiskalpolitik induzierte Wirtschaftswachstum scheint jedoch immer mehr an seine Grenzen zu stoßen.[ 3 ] Den Rest des Beitrags lesen »

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Die Regierung verspielt leichtfertig Deutschlands Zukunft

Posted by hkarner - 18. Oktober 2016

Date: 18-10-2016
Source: Die Welt

Die Bundesregierung hatte mit einer stabilen Wirtschaft und historisch niedrigen Zinsen im Rücken die einmalige Chance, den Standort Deutschland zukunftsfest zu machen. Doch das hat sie nicht getan.

Deutschland, so schien es, war das letzte verbliebene Erfolgsmodell in einer Europäischen Union voller ökonomischer Krisenherde. Bankenbeben in Italien, Schuldenstreit in Griechenland, Währungscrash in Großbritannien. Hierzulande jedoch stiegen die Produktion, die Exporte, die Beschäftigung – und auch die Löhne.

Zu Recht, möchte mancher sagen, die Arbeitnehmer hätten schließlich eine Belohnung dafür verdient, dass sie immer mehr und immer bessere Güter produzieren, die den deutschen Unternehmen auf dem Weltmarkt geradezu aus den Händen gerissen werden.

Irgendwie ist das Land noch immer im Agenda-2010-Modus, der aus dem „kranken Mann Europas“ einen gesunden gemacht hatte. Doch genau hier liegt das Problem.

Produktivität reicht nicht für steigende Löhne Den Rest des Beitrags lesen »

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Barack Obama: The way ahead

Posted by hkarner - 8. Oktober 2016

Date: 07-10-2016
Source: The Economist

America’s president writes for us about four crucial areas of unfinished business in economic policy that his obama-cc2successor will have to tackle

WHEREVER I go these days, at home or abroad, people ask me the same question: what is happening in the American political system? How has a country that has benefited—perhaps more than any other—from immigration, trade and technological innovation suddenly developed a strain of anti-immigrant, anti-innovation protectionism? Why have some on the far left and even more on the far right embraced a crude populism that promises a return to a past that is not possible to restore—and that, for most Americans, never existed at all?

It’s true that a certain anxiety over the forces of globalisation, immigration, technology, even change itself, has taken hold in America. It’s not new, nor is it dissimilar to a discontent spreading throughout the world, often manifested in scepticism towards international institutions, trade agreements and immigration. It can be seen in Britain’s recent vote to leave the European Union and the rise of populist parties around the world. Den Rest des Beitrags lesen »

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Escaping the New Normal of Weak Growth

Posted by hkarner - 1. Oktober 2016

Photo of Michael Spence

Michael Spence

Michael Spence, a Nobel laureate in economics, is Professor of Economics at NYU’s Stern School of Business, Distinguished Visiting Fellow at the Council on Foreign Relations, Senior Fellow at the Hoover Institution at Stanford University, Academic Board Chairman of the Asia Global Institute in Hong Kong, and Chair of the World Economic Forum Global Agenda Council on New Growth Models. He was the chairman of the independent Commission on Growth and Development, an international body that from 2006-2010 analyzed opportunities for global economic growth, and is the author of The Next Convergence – The Future of Economic Growth in a Multispeed World.
 

SEP 30, 2016, Project Syndicate

MILAN – There is no question that the recovery from the global recession triggered by the 2008 financial crisis has been unusually lengthy and anemic. Some still expect an upswing in growth. But, eight years after the crisis erupted, what the global economy is experiencing is starting to look less like a slow recovery than like a new low-growth equilibrium. Why is this happening, and is there anything we can do about it? Den Rest des Beitrags lesen »

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We’re in a Low-Growth World. How Did We Get Here?

Posted by hkarner - 10. August 2016

Date: 10-08-2016
Source: The New York Times

Economic growth increases wealth and improves living standards, driven by additional workers, work hours and technological advancements that increase productivity. But economic growth and income have slowed for the world’s most advanced economies, and the trends contribute to rising inequality and populist movements. Economists are trying to determine if supply or demand issues contribute to low growth, or both. “It increasingly looks as if something fundamental is broken in the global growth machine – and that the usual menu of policies, like interest rate cuts and modest fiscal stimulus, aren’t up to the task of fixing it (though some well-devised policies could help),” writes Neil Irwin for the New York Times. “As a matter of arithmetic, the slowdown in growth has two potential components: people working fewer hours, and less economic output being generated for each hour of labor. Both have contributed to the economy’s underperformance.” Some analysts suggest that the economy is stuck in “secular stagnation” with low demand. The bottom line is that jobs are not plentiful – especially jobs that are challenging and creative. – YaleGlobal

To create jobs, policymakers must understand the source of economic growth and whether challenges like secular stagnation are due to supply or demand issues

Neil Irwin

One central fact about the global economy lurks just beneath the year’s remarkable headlines: Economic growth in advanced nations has been weaker for longer than it has been in the lifetime of most people on earth. Den Rest des Beitrags lesen »

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Italy’s productivity conundrum: The role of resource misallocation

Posted by hkarner - 30. Juni 2016

Sara Calligaris, Massimo Del Gatto, Fadi Hassan, Gianmarco I.P. Ottaviano, Fabiano Schivardi 28 June 2016, voxeu

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