The driving force of labor productivity
AbstractLabor productivity in developed countries is analyzed and modeled. Modeling is based on our previous finding that the rate of labor force participation is a unique function of GDP per capita. Therefore, labor productivity is fully determined by the rate of economic growth, and thus, is a secondary economic variable. Initially, we assess a model for the U.S. and then test it using data for Japan, France, the UK, Italy, and Canada. Results obtained for these countries validate those for the U.S. The evolution of labor force productivity is predictable at least at an 11-year horizon.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 9069.
Date of creation: 10 Jun 2008
Date of revision:
productivity; labor force; real GDP; prediction; modeling;
Other versions of this item:
- O4 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity
- J2 - Labor and Demographic Economics - - Demand and Supply of Labor
This paper has been announced in the following NEP Reports:
- NEP-ALL-2008-06-21 (All new papers)
- NEP-EFF-2008-06-21 (Efficiency & Productivity)
- NEP-LAB-2008-06-21 (Labour Economics)
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