Published on December 11, 2015
This book addresses the rising productivity gap between the global frontier and other firms, and identifies a number of structural impediments constraining business start-ups, knowledge diffusion and resource allocation (such as barriers to up-scaling and relatively high rates of skill mismatch).
Analysis based on micro and industry-level data highlights the importance of reallocation-friendly policies, including well-functioning product, labour and risk capital markets, efficient judicial systems, bankruptcy laws that do not excessively penalise failure, housing policies that do not unduly restrict labour mobility, and improvements in public funding and organisation of basic research which do not excessively favour applied vs basic research and incumbents vs young firms.
|Preface and Acknowledgements|
|The past and future of productivity|
|Thinking about productivity|
|Enhancing productivity in a globalised world|
|The role of public policy|
|Conclusions and future research|
|Additional charts and tables|