What are we doing wrong?

12 Jun 2015 6:01 PM | John Heap (Administrator)

Total factor productivity around the globe seems to be slowing.  This is a major problem.


Rising productivity is what fuels increased wealth and well-being - it is what allows poorer nations to catch up to richer nations ... a basic requirement of longer-term political stability.


In developed nations, it is what allows a falling population to afford the pensions of a growing retired class.


If TFP is falling, then - collectively - we are doing something wring .. or not doing something right.


One thing we do is to continually increase regulatory burdens - with the best of intentions, but resulting in smaller firms in particular finding it hard to navigate the bureaucratic minefield.


We also - especially when times are hard - seem to forget to educate, train and develop the workforce ... increasing their capacity and capability.


Governments work in fits and starts on infrastructure - but often more on 'vanity' projects and 'note grabbers' rather than concentrating on productivity infrastructures.


We need to do more - more consistently.


Now, when I rule the world ...


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