Efficient production… is a result not of having better resources but in knowing more accurately the relative productive performance of those resources. Alchian and Demsetz (1972) “Management matters.” This is the key message that has been long coming out of the empirical literature on managerial quality for some time. Bloom and Van Reenen’s 2007 paper... Continue Reading →
Labour productivity grew rapidly in many OECD economies during the second half of the 20th Century. This was mostly the result of catching-up as nations adopted existing, but as-yet unexploited technologies. Once these catch-up wins were realised, productivity growth would revert. The rapid dispersion of information and communication technologies in the mid-1990s spawned a new... Continue Reading →
TALES FROM THE LONG TAIL 