Emeritus Prof Christopher May on Nostr: It may be reassuring to find that the UK's productivity problem is not so unusual... ...

It may be reassuring to find that the UK's productivity problem is not so unusual... but, then that opens up a larger Q.: why are the most developed countries seeing such declines in productivity?

One answer is the pivot to services which notoriously have difficulties raising productivity;

another is hoarding of technical advances in oligopolies (market concentration is now typical in many G7 countries).

And, perhaps rich economies are just exhausted?

#productivity #capitalism #economics