Working Paper No. 297

Productivity Deceleration when Technical Change Accelerate


Leif Johansens short run macro production function is used to explore the conditions for a productivity slowdown to take place simultaneously with an accelerated technical change in production. A capacity distribution such that the supply curve is concave at the extensive margin considerably increases the likelihood of a reverse relation. Changes in price expectations may further reinforce this mechanism. Increasing costs of transferring labour to new investment is the key mechanism behind the results. The mechanism emphasizes the decisive role of past investmellt. and future price expectations in shaping the relation between technical change and productivity growth.

Interdisciplinary European Studies

The European Union and the Return of the Nation State

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This book explores the complex and ever-changing relationship between the European Union and its member states. The recent surge in tension in this relationship has been prompted by the actions of some member state governments as they question fundamental EU values and principles and refuse to implement common decisions seemingly on the basis of narrowly defined national interests.

About the book

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