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What Have Two Decades of British Economic Reform Delivered in Terms of Productivity Growth?

Author

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  • David Card

    ()

  • Richard B. Freeman

Abstract

The UK economy has undergone significant market reforms over the last two decades. A key question for productivity researchers is the impact of these reforms on productivity growth. In this article, Richard B. Freeman of the London School of Economics, Harvard University and the NBER and David Card of the University of California at Berkeley and the NBER examine trends in productivity growth in Britain and other major developed countries and estimate the impact of British economic reforms on British performance. Freeman and Card find that developments in the UK economy cannot be readily explained by standard macro-economic changes in labour or capital. They note that economic reforms were more important in the UK than in other countries and that the UK after 1979 arrested the nearly century-long trend in economic decline of the UK relative to its historic competitors, France and Germany. They conclude that reforms in the area of union-management relations, privatization, profit and share ownership, and self-employment increased UK productivity growth 0.35 per cent per year over the 1979-1999 period, accounting for one quarter of the pick-up in productivity between the 1960-79 and 1979-1999 periods.

Suggested Citation

  • David Card & Richard B. Freeman, 2002. "What Have Two Decades of British Economic Reform Delivered in Terms of Productivity Growth?," International Productivity Monitor, Centre for the Study of Living Standards, vol. 5, pages 41-52, Fall.
  • Handle: RePEc:sls:ipmsls:v:5:y:2002:3
    as

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    File URL: http://www.csls.ca/ipm/5/card-e.pdf
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    File URL: http://www.csls.ca/ipm/5/card-f.pdf
    File Function: version en francais, pp:44-57
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    References listed on IDEAS

    as
    1. Feinstein, Charles, 1999. "Structural Change in the Developed Countries during the Twentieth Century," Oxford Review of Economic Policy, Oxford University Press, vol. 15(4), pages 35-55, Winter.
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    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. Taxes & growth
      by chris dillow in Stumbling and Mumbling on 2013-07-10 17:56:52

    Citations

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    Cited by:

    1. A. Bergeaud & G. Cette & R. Lecat, 2015. "GDP per capita in advanced countries over the 20th century," Working papers 549, Banque de France.
    2. Baldwin, John R. Maynard, Jean-Pierre Tanguay, Marc Wong, Fanny Yan, Beiling, 2005. "A Comparison of Canadian and U.S. Productivity Levels: An Exploration of Measurement Issues," Economic Analysis (EA) Research Paper Series 2005028e, Statistics Canada, Analytical Studies Branch.
    3. Antonin Bergeaud & Gilbert Cette & Rémy Lecat, 2014. "Le produit intérieur brut par habitant sur longue période en France et dans les pays avancés : le rôle de la productivité et de l’emploi," Économie et Statistique, Programme National Persée, vol. 474(1), pages 5-34.
    4. Andrew Sharpe, 2007. "Lessons for Canada from International Productivity Experience," International Productivity Monitor, Centre for the Study of Living Standards, vol. 14, pages 20-37, Spring.
    5. Bergeaud, A. & Cette, G. & Lecat, R., 2015. "Productivity trends from 1890 to 2012 in advanced countries," Rue de la Banque, Banque de France, issue 07, June..
    6. repec:sgh:gosnar:y:2007:i:11-12:p:35-53 is not listed on IDEAS

    More about this item

    Keywords

    Britain; United Kingdom; Germany; France; Growth; Living Standards; Market Reforms; Policy Reforms; Policy; Reforms; Living Standards; Labour Quality; Capital Intensity; Capital; Thatcher; Pro-Market; Competitiveness; Relative; Acceleration; Growth Acceleration; Average Income;

    JEL classification:

    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe
    • O57 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • E66 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General Outlook and Conditions

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