The full employment productivity multiplier
Advanced economies, here and abroad, have been having big problems with both of these variables. Here in the U.S., our labor market has been at full employment only 30 percent of the time since 1979. No wonder workers have had very little in the way of bargaining clout.
In recent years, slow productivity growth has surfaced as another fundamental problem throughout the “G-7” countries. This fact should disabuse you of some country-specific policy problem. It’s hard to blame our tax code, e.g., when this slowdown is occurring across all these different countries with very different tax regimes.
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In recent years, slow productivity growth has surfaced as another fundamental problem throughout the “G-7” countries. This fact should disabuse you of some country-specific policy problem. It’s hard to blame our tax code, e.g., when this slowdown is occurring across all these different countries with very different tax regimes.
Mais
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