Jump to ContentJump to Main Navigation
Productivity and the Bonus Culture$
Users without a subscription are not able to see the full content.

Andrew Smithers

Print publication date: 2019

Print ISBN-13: 9780198836117

Published to Oxford Scholarship Online: May 2019

DOI: 10.1093/oso/9780198836117.001.0001

Show Summary Details
Page of

PRINTED FROM OXFORD SCHOLARSHIP ONLINE (www.oxfordscholarship.com). (c) Copyright Oxford University Press, 2020. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 04 April 2020

Other Influences on Growth

Other Influences on Growth

(p.38) 6 Other Influences on Growth
Productivity and the Bonus Culture

Andrew Smithers

Oxford University Press

Productivity and demography have been the major determinants of growth and this will continue unless there are significant favourable changes in unemployment, hours worked per person and participation rates. These three variables are not, at least in combination, likely to change in a way which will help growth. Unemployment is very low by historic standards and unlikely to be able to fall further without causing problems through the impact on inflation and inflationary expectations. Hours worked tend to rise as incomes per head rise and are thus unlikely to help. Participation rates should improve as those over 65 become more willing to work, but the improvement tends to move cyclically with unemployment where further falls are unlikely. The past help provided by the increase in female participation seems to have run its course. On balance little help to growth rates from these three variables in combination is likely.

Keywords:   Recession, cyclical, demand, working hours, growth, working age, participation rates, unemployment

Oxford Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us .