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Is There Any Evidence of a Deterioration of Production Capacities in the Advanced Economies?

In: New Challenges for Macroeconomic Policies

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  • Gilles Dufrénot

    (Sciences Po Aix)

Abstract

The production function of economies in the twenty-first century—assuming that it correctly summarizes reality—has nothing to do with that of past decades and centuries. New generations of innovations have appeared and question the relationship between capital and labor. The statistics show some paradoxes. In the midst of a new technological revolution, we are witnessing a slowdown in productivity gains, a drop in investment rates, and a decline in labor productivity. Potential growth itself is not as high as it could be. This chapter tries to provide some answers to these puzzles.

Suggested Citation

  • Gilles Dufrénot, 2023. "Is There Any Evidence of a Deterioration of Production Capacities in the Advanced Economies?," Springer Books, in: New Challenges for Macroeconomic Policies, chapter 0, pages 15-71, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-15754-7_2
    DOI: 10.1007/978-3-031-15754-7_2
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