Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/231749 
Authors: 
Year of Publication: 
2021
Series/Report no.: 
Hamburg Discussion Papers in International Economics No. 8
Publisher: 
University of Hamburg, Chair of International Economics, Hamburg
Abstract: 
This paper assesses the productivity puzzle critically and gives an outlook on the COVID-19 crisis. It offers two main conclusions. First, it posits that a large fraction of the productivity puzzle can be solved by incorporating intangible capital into the asset boundary of the national accounts. Thus, the productivity puzzle is largely explained as a consequence of fundamental structural changes that are underway, transforming industrial economies into knowledge economies. Secondly, the contribution foresees a post-COVID-19 scenario that will likely lead to a pronounced increase in labour productivity growth. This depends, however, on whether the current push for digitization will be backed by actual investments into digitization and the necessary complementary investments in (business and public) intangible capital.
Subjects: 
productivity puzzle
intangible capital
labour productivity growth
structural change
COVID-19 crisis
re-measurement of GDP
JEL: 
E22
F45
O32
O34
O47
O52
Document Type: 
Working Paper

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