The Productivity Puzzle - Jagjit Chadha

0:00 // Introduction: Britain's Productivity Crisis and the Brexit Question 1:49 // Why Productivity Is the First-Order Problem for the UK Economy 4:01 // Solow's Growth Theory: Why Technology Drives Everything 5:13 // Decomposing Growth: Capital, Labour and Total Factor Productivity 10:36 // Labour Productivity: The Shocking Flatline Since 2007 13:00 // Working Harder, Not Smarter: 250 Years of UK Productivity Data 18:21 // Real Wages and Why They Haven't Recovered 19:38 // The Investment Collapse: Why Firms Are Saving, Not Spending 27:34 // Measurement Problems: Can We Even Trust the Numbers? 30:34 // Public Investment: Low by International Standards 37:18 // R&D Spending: Britain Falling Behind the OECD 38:46 // Old Firms vs New Firms: Is Stagnation Baked In? 42:56 // How Banks Amplify Productivity Shocks 46:44 // Conclusion: A First-Order Problem Without Easy Answers Productivity growth in the UK economy has lagged behind that of our major trading partners. With little or no growth in labour or total factor productivity, there can be no solution to our economic problems and a return to what we have come to consider as normal times. We will examine a number of possible explanations ranging from the role of finance to the employment of physical and human capital. This event was on Thu, 21 Sep 2017 Jagjit Chadha was the Mercers’ School Memorial Professor of Commerce at Gresham College from 2014-2018 (now renamed Professor of Business). He is Director of the National Institute of Economic & Social Research (NIESR) and has also acted as an academic adviser to HM Treasury, the Bank of England and many policy-making institutions around the world. His main interests lie in macroeconomics, with a particular focus on monetary issues. The transcript and downloadable versions of the lecture are available from the Gresham College website: https://www.gresham.ac.uk/lectures-an... Gresham College has offered free public lectures for over 400 years, thanks to the generosity of our supporters. There are currently over 2,500 lectures free to access. We believe that everyone should have the opportunity to learn from some of the greatest minds. To support Gresham's mission, please consider making a donation: https://gresham.ac.uk/support/ Website: https://gresham.ac.uk Twitter:   / greshamcollege   Facebook:   / greshamcollege   Instagram:   / greshamcollege