An analysis of the productivity slowdown in the OECD since the early seventies.
Written in 2005; 2,404 words; 7 sources; MLA; $ 73.95
Paper Summary:
This paper examines how there was here was a slowdown in productivity in the Organisation for Economic Co-operation and Development (OECD) caused by numerous developments during the late sixties and early seventies, most notably the collapse of Bretton Woods, the exhaustion of catch-up gains and labour issues. On a more wider comparison to the decade before, it looks at how the 1970s seemed to be a time that lacked the stability and drive of the 1960s, both of which were exacerbated by the First Oil Shock. It attempts to show how it was also the ineffective responses by government to these developments that caused greater instability.
From the Paper:
"In America the story of the productivity slowdown is perhaps slightly different to that of Europe. It represents the fall of the lead America had in technological leadership. In the article by Wright and Nelson they distinguish that there was a clear weakening in the advantages that American firms used to have in mass production. The initial reasons for the US technological lead were its long standing strength in mass production that was allowed to develop because of resource abundance and a large domestic market as well as a lead in 'high technology' industries that came about due to investment in higher education and R&D at a level that was much higher than any other country at the time."
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