Will productivity growth recover. Has it done so already
回顾了生产率增长放缓的最新信息，认为放缓部分源于创新和工作努力下降，但主因是1973年后能源价格上涨，全球通胀的相同政策反应也加剧了放缓。有迹象表明生产率增长正在恢复，支持了1970年代冲击是暂时原因的观点。
The author reviews the latest information on productivity and the alternative explanations of the slowdown, which he concludes was partially due to a decline in innovation and work effort and mostly due the post 1973 energy price increases. Identical policy responses to the worldwide inflation were also a reason why so many countries experienced slow growth at the same time, as cyclical productivity declines were added to the structural decline. There are signs that productivity growth is recovering, which gives credence to the view that the temporary shocks of the 1970s were the culprit.