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The most productive, fastest-growing & heavily invested part of the UK economy is invisible in the data that policy-makers use for decisions. A new classification of frontier firms reveals the scale of the gap & the consequences for interest rates, industrial strategy & growth.
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Economics Observatory retweeted
Thank you @DEhnts. May I give you something else to read? economicsobservatory.com/sho… To be clear so-called #MMT provides absolutely no basis for guiding monetary and fiscal policy. @EconObservatory
Full-blown fiscal crisis? I don't think so. link.springer.com/book/10.10…
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Economics Observatory retweeted
Thank you @JohnBarrdear and @annastansbury. Clearly the revision of hours has a number of implications for our analysis of productivity. We foresaw the recent revision in hours in our recent survey paper, which can be downloaded here: onlinelibrary.wiley.com/shar… Snapshot below. I will commission a piece for @econobservatory teasing out the issues arising from the revision to hours and the puzzles it throws up for wages, income per head and our long run view of national wealth. H/T @MortimerleePaul @IssamSamiriEcon @ONS @TPIProductivity @camecon @econobservatory
Where we look for the explanations therefore has to change! Similarly, where we look for the implications. Slow income per capita growth bc of fewer hours worked is a better story from welfare perspective.
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Economics Observatory retweeted
Those hours findings are very interesting ! Thank you for sharing them. I look forward to the @EconObservatory piece.
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Economics Observatory retweeted
Debates about globalisation & trade policy have deep historical roots; patterns in goods & services bought & sold by the UK have shifted over past century, alongside the framework that governs world trade - but international commerce remains a defining feature of nation’s economy
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Economics Observatory retweeted
As the General Strike centenary, 1926 is an apt starting point for considering how the governance of UK labour markets has evolved; but 1979 was when the industrial relations system of high trade union & collective bargaining coverage reached maturity before falling into decline
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Unemployment has fallen over the last century, although it is rising once again. These figures are driven by both economic performance and matching between workers’ skills and vacancies. Policy-makers need to understand the interactions between the two. buff.ly/wvinlDh
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