When will we tire of all the bulldust that’s talked in the name of hastening productivity improvement?
We never do anything about it, but we do listen politely while self-appointed worthies – business people and econocrats, in the main – read us yet another sermon on the subject.
What we get in place of genuine empiricism is modelling results. Models are a mysterious combination of mathematised theory, sprinkled with ill-researched estimates of elasticity and such like. Even so, in the present opportunistic sermonising, all that the profession thought it knew has been cast aside.
Another factor that should be obvious is our recent strong growth in employment, the highest in about 50 years, with many people who employers wouldn’t normally want to employ, getting jobs. This will lower the workforce’s average productivity – but it’s a good development, not a bad one.
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