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How the bottom line fails to support the goldilocks theory

Article Abstract:

The belief that the business environment is more competitive than ever is the basis of the view among some economists that low inflation is now compatible with a higher rate of growth than in earlier business cycles. Technological change and better labour productivity are partly driving higher economic growth, but growth is also coming from the increased efficiency created by globalization. It is true that long-term technological change is affecting the way modern economies function. However, this belief must still be viewed with some scepticism, especially as diminishing returns to investment are likely to begin emerging.

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In the long run, productivity makes the difference

Article Abstract:

A country's competitiveness cannot be assessed in the same way as that of a company, which can produce reliable data regarding market share, sales growth, profit margins and cost ratios. The most important factor when considering a country's competitiveness is productivity growth, as this has the strongest impact on living standards in the long term. Governments can work to boost a country's productivity by improving educational standards and by changing the institutional framework in which businesses operate.

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The answer to the productivity puzzle: size is everything

Article Abstract:

Economists have put forward a range of explanations for why US manufacturing industry is more productive than its counterparts in other countries. However, these explanations have failed to account fully for the productivity gap between the US and other countries. It now seems that more attention should be given to the influence of increasing returns to scale. This approach could have significant implications for the European Union, where a single currency will create an economy larger than that of the US.

United States economic conditions

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