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"Capital productivity"
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Growth in the age of complexity : steering your company to innovation, productivity, and profits in the new era of competition
\"Growth is rarely in a straight line. It is tempting to think otherwise, particularly when looking in the rear view mirror, but anyone faced with plotting the coordinates for a company's growth knows the fallacy of this notion. As much as we like to think of corporate leaders executing sure-fire growth strategies, the truth is far messier: it's more an act of exploration and discovery than a step-by-step process. In Growth in the Age of Complexity, the authors describe in detail how complexity has impacted businesses and the markets in which they compete, and the strategies, mindsets and skillsets required to grow profitably! New strategies are required to navigate the ?Sirens of Growth : the growth plans borne of Industrial Age mindsets that too frequently lead to complexity vs. scale. In addition, companies need to develop an Explorer's Mindset and a Navigator's Skillset to sustain performance. You'll discover how to: Assess where you're truly making money, Reignite your core products and services to drive growth, Incorporate experimentation as a key way to discover new opportunities, Create an operating model for scale, location, and replication, Identify new markets where you are positioned to win, Understand the fundamentals for executing in a distributed organization.\"--Amazon.
Book
Production and Consumption in English Households, 1600-1750
This economic, social and cultural analysis of the nature and variety of production and consumption activities in households in Kent and Cornwall yields important new insights on the transition to capitalism in England.
eBook
Is Automation Labor Share–Displacing? Productivity Growth, Employment, and the Labor Share
Many technological innovations replace workers with machines. But this capital–labor substitution need not reduce aggregate labor demand, because it simultaneously induces four countervailing responses: own-industry output effects; cross-industry input–output effects; between-industry shifts; and final demand effects. We quantify these channels using four decades of harmonized cross-country and industry data, whereby we measure automation as industry-level movements in total factor productivity that are common across countries. We find that automation displaces employment and reduces labor’s share of value added in the industries where it originates (a direct effect). In the case of employment, these own-industry losses are reversed by indirect gains in customer industries and induced increases in aggregate demand. By contrast, own-industry labor share losses are not recouped elsewhere. Our framework can account for a substantial fraction of the reallocation of employment across industries and the aggregate fall in the labor share over the last three decades. It does not, however, explain why the labor share fell more rapidly during the 2000s.
Journal Article
Changing Business Dynamism and Productivity
The pace of job reallocation has declined in the United States in recent decades. We draw insight from canonical models of business dynamics in which reallocation can decline due to (i ) lower dispersion of idiosyncratic shocks faced by businesses, or (ii ) weaker marginal responsiveness of businesses to shocks. We show that shock dispersion has actually risen, while the responsiveness of business-level employment to productivity has weakened. Moreover, declining responsiveness can account for a significant fraction of the decline in the pace of job reallocation, and we find suggestive evidence this has been a drag on aggregate productivity.
Journal Article
Reallocation in the Great Recession
The high pace of reallocation across producers is pervasive in the US economy. Evidence shows that this high pace of reallocation is closely linked to productivity. While these patterns hold on average, the extent to which the reallocation dynamics in recessions are “cleansing” is an open question. We find that downturns prior to the Great Recession are periods of accelerated reallocation even more productivity enhancing than reallocation in normal times. In the Great Recession, we find that the intensity of reallocation fell rather than rose and that the reallocation that did occur was less productivity enhancing than in prior recessions.
Journal Article
Disaggregate productivity growth sources of regional industries in China
This paper extends a global slack-based productivity indicator and constructs a unified framework that consists of global and factor levels of total factor productivity (TFP) to evaluate the performance of regional industries, thus enabling global productivity improvement based on factor-level sources. Evaluating regional industrial performance in China during 1995–2014, the findings reveal that rapid growth of industry in China is not only driven by a huge amount of input, but also by TFP improvement, with industrial productivity driven mainly by technology progress and presenting a gradually increasing trend. Regional productivity performances are imbalanced, in which the east ranks first due to its dual advantages of input and output factors. For source identification, input and output jointly contribute to industrial productivity improvement, but output has a much higher contribution ratio to industrial productivity improvement than input, because it is mainly rooted in desirable output. Finally, on the input side, labor is the primary factor driving input productivity improvement followed by energy, while capital productivity shows very slight growth.
Journal Article
Technological progress and optimal income taxation
Facing technological progress, how should a government reform income taxation? To address this question, optimal capital and labor income taxation is obtained for an economy of heterogeneous individuals. Technological progress raises optimal capital income tax rate and lowers optimal average marginal labor income tax rate if it is capital-biased by increasing relative capital productivity. Technological progress does the opposite if it is labor-biased by decreasing relative capital productivity. Neither capital-biased nor labor-biased technological progress affects optimal slope of labor income tax rate schedule. Technological progress does not affect optimal income taxation if it is unbiased by preserving relative capital productivity.
Journal Article
PRODUCTIVITY SHOCKS AND INDUSTRY SPECIFIC EFFECTS ON EXPORT AND INTERNATIONALISATION: VAR APPROACH
This study examines the industry-specific effects of productivity shocks on exports and the internationalisation of the largest Croatian exporters. In order to answer two research questions: (1) Which hypothesis, the productivity-led hypothesis or export-led hypothesis, holds in the case of the largest Croatian exporters? (2) Are the effects of productivity shocks on exports and internationalization sectoral dependent, and in what way? The authors tested 300 largest exporters’ micro- financial data for the 2006-2015 period by using a vector autoregression (VAR) method. Three productivity measures examined are total factor productivity, labour productivity and capital productivity. The results imply that productivity-led hypothesis holds for majority of Croatian largest exporters’ sectors. Rather than a specific export-led hypothesis, a bi-directional flow has proved to have greater influence on several industrial sectors, including professional and scientific services and administrative services sectors, and to a lesser extent, transport and warehousing, accommodation and food sectors. It is predominantly negative in terms of TFP and positive in terms of labour productivity (agriculture, electricity and gas supply, wholesale and transport and warehousing, and information and communication) and capital productivity (electricity and gas supply). Managerial and policy implications of productivity shocks are discussed in the paper.
Journal Article
Panel VECM Approach to Examining Differences in Labour, Capital and Total Factor Productivity on Large Companies' Export Revenue and Export Intensity
In order to answer how increases in total factor productivity, labour productivity and capital productivity affect equilibrium export growth and export intensity growth, a panel vector error correction model (VECM) is applied onto a firm level data of Croatia's 300 largest exporters in the period 2006-2015. Significance of this study is twofold. Firstly, VECM approach determines short and long run responses to shocks in total factor productivity, labour productivity and capital productivity. Results show that shocks in total factor productivity affects export growth but not export intensity growth. Labour productivity shocks do not affect export or export intensity growth, while capital productivity shocks have an effect on both export and export intensity, whereby the system takes longer to go back to equilibrium after capital productivity shocks than total productivity shocks. Secondly, managerial and policy implications of short-term and long-term effects of total factor productivity and labour productivity on export and export intensity growth are discussed.
Journal Article
ROBOTS AT WORK
We analyze for the first time the economic contributions of modern industrial robots, which are flexible, versatile, and autonomous machines. We use novel panel data on robot adoption within industries in seventeen countries from 1993 to 2007 and new instrumental variables that rely on robots’ comparative advantage in specific tasks. Our findings suggest that increased robot use contributed approximately 0.36 percentage points to annual labor productivity growth, while at the same time raising total factor productivity and lowering output prices. Our estimates also suggest that robots did not significantly reduce total employment, although they did reduce low-skilled workers’ employment share.
Journal Article