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A Response to Bill Martin and Robert Rowthorn

Author

Listed:
  • Peter Goodridge
  • Jonathan Haskel
  • Gavin Wallis

Abstract

This note responds to a critique of our recent paper, “Can Intangible Investment Explain the UK Productivity Puzzle?†. In that critique Martin and Rowthorn (MR) present a re-working of data on labour composition which they feel refutes an element of our argument. In this response we argue that the data are still in support of our original position. Essentially, the puzzle is that measured labour productivity has been falling, but labour quality is rising, so, at least on this measure, changes in labour quality cannot explain falling productivity.

Suggested Citation

  • Peter Goodridge & Jonathan Haskel & Gavin Wallis, 2013. "A Response to Bill Martin and Robert Rowthorn," National Institute Economic Review, National Institute of Economic and Social Research, vol. 226(1), pages 50-53, November.
    • Handle: RePEc:sae:niesru:v:226:y:2013:i:1:p:r50-r53
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    Keywords

    intangible investment; labour hoarding; productivity;
    All these keywords.

    JEL classification:

    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity

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