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Structural Change, Institutions and the Dynamics of Labor Productivity in Europe
Full text linkThe objective of this paper is to explain the reasons behind the dynamics of labor productivity (LP) growth during a process of institutional and structural change. We show - by means of a theoretical discussion and an empirical analysis, conducted on a sample of 25 European countries for the period 1995–2016 - that four main channels contribute to explaining the evolution of LP. First, the speed of investment, which incorporates innovation and favors an increase of LP growth; second, the speed of Research and Development (R&D), which allows for the creation of new ideas and shows the “dynamism of a society”, having positive effects on LP; third, the deregulation of labor markets and the increase of temporary employment, both of which encourage labor-intensive strategies by firms, with low value-added and low productivity gains; fourth, the direction of structural change, which can take place toward services industries affected by “Baumol’s disease”.1 Introduction 2 Structural change and labor productivity: A brief review 3 Labor flexibility and productivity 4 Toward a model of labor productivity: Institutions, investment and innovation 5 The model 6 Concluding remarks Footnotes Notes Appendix Reference
Economic Dynamics of Financial Capitalism: Labour Market Reforms, Welfare State Reduction, and the Impact of Technological Changes
No full textThis article delves into the economic landscape of advanced countries in our current era, delineating the defining features and policies that shape it. Beginning with an examination of financial capitalism, we explore its close relationship with labour market reforms aimed at diminishing job security, weakening unions, and reducing workers' bargaining power. Moreover, we highlight the concurrent reduction of the welfare state's role, which, unless mitigated by addressing demand crises, poses challenges in financing workers' consumption. The intertwining dynamics of technological advancements are also scrutinised, with a focus on the associated risks and opportunities. Finally, we draw policy implications from these analyses, offering insights into navigating the complex economic terrain of the present era
Through the COVID-19 pandemic: Perspectives for the welfare state
No full textThe COVID-19 pandemic has put a strain on governments' ability to support the economy. Intervention was necessary to sustain families and businesses afflicted by the economic crisis. Welfare policies highlighted the differences among countries reflecting their welfare models. The decades before the pandemic had been characterised in most european economies by austerity and liberalisation policies. Among the consequences of these policies, in many countries access to welfare measures has become increasingly category-based - in some cases it happened alongside with a retrenchment of the welfare state - rather than universal. In this chapter, we reconstruct the stages of the reduction in welfare spending by the countries of the EU. We also discuss the reasons why a reversal of these policy would be desirable. In particular, we show that the pandemic has highlighted the problems of welfare systems most subject to spending cuts, which have had great difficulty in providing for the needs of workers left outside the social safety net. In the case study taken into consideration, that of Italy, it is shown that it is more difficult to guarantee the social rights of all citizens with a category-based welfare system, despite the measures undertaken by the government
Capitale umano e innovazione della pubblica amministrazione: la sfida dell’analisi dei fabbisogni e nuove prospettive di formazione
No full textIl saggio intende soffermarsi intorno ad alcune linee per un mutamento di prospettiva verso processi di innovazione per la formazione nella PA in linea con le direttive della riforma: l’esigenza di investire nella mappatura delle competenze del personale, l’ipotesi di nuovi focus per la formazione anche in considerazione del confronto quadro della formazione continua nell’ambito del settore delle imprese, e di una nuova e diversa attenzione alla costruzione del capitale sociale
Valutazione del merito e premialità
No full textDopo una introduzione dedicata alla struttura amministrativa deputata alla valutazione del merito e alla premialità nel quadro della recente riforma della Pubblica Amministrazione, il saggio richiama l'attenzione su tre ordini di problemi ancora non risolti. Il primo concerne la diversità degli schemi retributivi applicabili in un contesto di asimmetrie informative tra lavoratore e datore di lavoro. Il secondo riguarda il controllo dell'efficacia e dell'efficienza nella pubblica amministrazione. Il terzo riguarda le modalità di determinazione degli obiettivi in termini di quantità e qualità, inadeguatamente definite nello schema della riforma
“Inequality, financialisation and economic decline”
No full textThe objective of this article is to argue that the labor productivity slowdown experienced in recent years by several advanced countries can be explained, following a Kaldorian-Classical approach, by a weak gross domestic product (GDP) performance and by a decline in the wage share. Moreover, drawing inspiration from recent post Keynesian literature, the authors identify the ongoing worsening in income equality and the increase in the degree of financialization as other major explanatory factors of sluggish productivity. The article will provide a brief literature review concerning nonmainstream attempts to endogenize labor productivity, beginning from the famous Verdoorn-Kaldor law (Verdoorn, 1949) and the Kaldor technical progress function (Kaldor, 1961) and including Sylos Labini’s productivity equation (Sylos Labini, 1984, 1999). The authors will then discuss how labor flexibility and shareholder value orientation, one of the main aspects of financialization, can negatively affect equality and labor productivity. Finally, they propose an extended version of the Sylos Labini’s equation, where productivity growth is claimed to depend positively on GDP rate of growth and the wage share, and negatively on income inequality and financialization. They submit to empirical scrutiny their extended productivity equation; the results of their estimations provide support to their theoretical argument
Capitale umano e innovazione della pubblica amministrazione: la sfida dell’analisi dei fabbisogni e nuove prospettive di formazione. In: FADDA S, TRIDICO P. (a cura di): FADDA S, TRIDICO P, Il lavoro pubblico per la modernizzazione della pubblica amministrazione. Riflessioni a margine del decreto legislativo 150/2009. ROMA:Universitalia, ISBN: 978-88-6507-082-6
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