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Can Intangible Investment Explain the UK Productivity Puzzle? A Response and Comment

Author

Listed:
  • Bill Martin
  • Robert Rowthorn

Abstract

This note responds to the recent critique by Goodridge, Haskel and Wallis (GHW) of our 2012 study of Britain's productivity puzzle. We show that a correct reworking of the latest official data on changes in labour composition overturns GHW's main criticism. We also question the strength of the empirical evidence offered by GHW in support of their alternative explanations of the productivity puzzle.

Suggested Citation

  • Bill Martin & Robert Rowthorn, 2013. "Can Intangible Investment Explain the UK Productivity Puzzle? A Response and Comment," National Institute Economic Review, National Institute of Economic and Social Research, vol. 226(1), pages 42-49, November.
    • Handle: RePEc:sae:niesru:v:226:y:2013:i:1:p:r42-r49
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    More about this item

    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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