tag:blogger.com,1999:blog-2546602206734889307.post4533619837810322707..comments2024-03-28T04:29:22.717+00:00Comments on mainly macro: Disentangling the UK productivity problemMainly Macrohttp://www.blogger.com/profile/09984575852247982901noreply@blogger.comBlogger9125tag:blogger.com,1999:blog-2546602206734889307.post-10787738995610313112017-12-01T16:20:00.384+00:002017-12-01T16:20:00.384+00:00Why does South Korea have so many industrial robot...Why does South Korea have so many industrial robots? Might it be because of a labour shortage that isn't being met by migrant workers? Might such a labour shortage be a pre-requisite for investment in labour saving machines and the consequent productivity improvements? In the UK it might be cheaper and more flexible for firms to draw upon EU migrants than it is to invest in machines, training etc. Workers have far more bargaining power if expensive machinary is dependent on them. A workforce doing unskilled work by hand with no labour shortage has esentially no bargaining power. Why would a firm invest in machines in those circumstances? The UK "productivity conundrum" looks to have kicked off just when freedom of movement started between the UK and the Eastern European EU member states. If an economy moulds over to being based on making pre-prepared salads by hand on zero-hours contracts, isn't it to be expected that it won't be a productivity success?stonehttps://www.blogger.com/profile/16420341212847543229noreply@blogger.comtag:blogger.com,1999:blog-2546602206734889307.post-33921220897368436772017-11-29T15:16:17.486+00:002017-11-29T15:16:17.486+00:00If you measure change in GVA per worker, then how ...If you measure change in GVA per worker, then how do you know you're not measuring changes in the ability of firms in uncompetitive markets to capture more and more consumer surplus, rather than an actual change in the ability of labour to produce valuable output?<br /><br />Why do you think finance, energy and pharmaceuticals are the most "productive" sectors in the UK economy by an order of magnitude? ABnoreply@blogger.comtag:blogger.com,1999:blog-2546602206734889307.post-89367712263686828112017-11-29T14:29:08.780+00:002017-11-29T14:29:08.780+00:00Also is it coincidence that lower taxation also st...Also is it coincidence that lower taxation also started at the same time productive started to fall,so lower taxes doesn't actually increase investment in real terms because of asset bubbles sucking the wealth out not in to the economy!paulhttps://www.blogger.com/profile/03431327179470830789noreply@blogger.comtag:blogger.com,1999:blog-2546602206734889307.post-71083581965004512592017-11-29T11:16:06.408+00:002017-11-29T11:16:06.408+00:00You may well be right here in your analysis but it...You may well be right here in your analysis but it is quite possible that the "Brexit" factor may disappear once the direction of travel becomes clearer, even if the final destination is unknown.<br /><br />What is far more concerning is the graph showing robots which speaks of a long term weakness in applying technology and this is indeed long term and stretches a long way back. Management weakness is a major factor in this story and one only has to look at the success of such as Nissan and Toyota to see that to blame the workers was never a credible explanation of our old woes.<br /><br />Paradoxically, it is this factor that may be our saviour as there is considerable "catch up" to do before we get to the position many other countries are in.<br /><br />There is also the question of skill levels and the suitability of education to the situation we are likely to face and this is yet another long term issue which must be tackled as part of implementing new technology.Robert Joneshttps://www.blogger.com/profile/03593742130088640939noreply@blogger.comtag:blogger.com,1999:blog-2546602206734889307.post-40199805100181094192017-11-29T10:29:54.733+00:002017-11-29T10:29:54.733+00:00Productivity in the 1970's is very interesting...Productivity in the 1970's is very interesting considering how many strikes where taking place! secondly the very moment these troubles ended productivity began to fall! slowly at first but as real wealth fell for the majority,money was produced not for investment in machinery but for investments ie housing and other asset bubbles share investments,but the means to pay this money creation back and the interest was neglected,Pay never grew proportionately to money creation ie £2 of £100 gdp is 2% wealth,£3 of £200 is 1.5% wealth the real wealth creators have been systematically destroyed,it is this disconnect that means we are in permanent stagnation/deflation because we do not have the productive means or incentives anymore <br /> http://www.coppolacomment.com/search?q=Irish+potato+famine this is not new,neoliberalism really is the emperor with no cloths on! paulhttps://www.blogger.com/profile/03431327179470830789noreply@blogger.comtag:blogger.com,1999:blog-2546602206734889307.post-23230286752288668842017-11-28T20:22:27.140+00:002017-11-28T20:22:27.140+00:00Please, please, the deficit is not a problem at al...Please, please, the deficit is not a problem at all. It is mostly our savings. TopDrophttps://www.blogger.com/profile/04107193086720279432noreply@blogger.comtag:blogger.com,1999:blog-2546602206734889307.post-4120550352665975992017-11-28T15:28:52.291+00:002017-11-28T15:28:52.291+00:00Is another factor to this the underemployment of s...Is another factor to this the underemployment of several cohorts of young people leaving education/school ?<br /><br />Those leaving after the GFC have experienced higher levels of unemployment/underemployment translating to lower levels of experience/skills formation.<br /><br />Presumably this effect follows them through much of their life - which causes a generational productivity hit.<br />chris stileshttps://www.blogger.com/profile/16220270505988683271noreply@blogger.comtag:blogger.com,1999:blog-2546602206734889307.post-72189020143971812992017-11-28T12:07:30.563+00:002017-11-28T12:07:30.563+00:00What about hanging onto a declining market. It is...What about hanging onto a declining market. It is known the eu share of the world economy is declining.amnoreply@blogger.comtag:blogger.com,1999:blog-2546602206734889307.post-53357978013277686632017-11-28T11:00:57.851+00:002017-11-28T11:00:57.851+00:00Do you think there is a case to argue that low pro...Do you think there is a case to argue that low productivity in the UK is linked to inequality and executive-labour wage disparities as detailed by the likes of Piketty, and also to the UK's shareholding model?<br />Doesn't it stand to reason that the more money going into executives' pockets and dividends the less is invested in technology?<br />How does UK productivity compare with countries with less inequality, smaller wage disparities and less focus on shareholder rewards?<br />Ben Skeltonnoreply@blogger.com