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Economic Growth in Europe : A Comparative Industry Perspective - Marcel P. Timmer

Economic Growth in Europe

A Comparative Industry Perspective

Hardcover

Published: 29th November 2010
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`This book instantly becomes the new Bible of post-war European economic growth. It so fully absorbs and moves beyond previous contributions that there is no need to read anything else. It poses a new paradox of productivity growth - since Europeans use all the same electronic devices as Americans do, from bar-code scanners, to smart phones, to laptops, why have European economies failed to use this cornucopia of an electronic revolution as the US has succeeded in doing? The answers dig deep into differences not just between the US and Europe, but more importantly between northern and southern Europe. The book is a triumph and will be the starting place for all future research.' Robert J. Gordon, Stanley G. Harris Professor in the social sciences, Northwestern University

`This is a terrific new study of economic growth in Europe by a really first-rate group of researchers. The findings are highly significant: investments in information technology and the increase in human capital have both contributed to growth in Europe, but neither factor explains why productivity growth has slowed so much in the region. Instead, the authors point to a slowdown in the efficiency with which factors of production are used (MFP) and particularly the weak productivity performance in service industries in Europe compared to those in the United States economy. Economists and policymakers should take note and learn from this important book.' Martin Neil Baily, Schwartz Chair in Economic studies at the Brookings institution and former Chair of the Council of Economic Advisers

`Productivity growth is both critical to our welfare, yet mysterious to understand. This book tackles the puzzie of why European countries stopped catching up with America after the mid 1990s with verve and rigour. It is comprehensive, data-intensive and an incredibly impressive feat-a must-read for anyone who is seriously interested in how European countries should reform to take advantage of the growth of new technologies and the service sector.' John Van Reenen, Professor of Economics and Director of the Centre for Economic Performance, London School of Economics and Political Science

`This is a major contribution to the analysis of recent European productivity performance. It shows the value of an in-depth treatment at the industry level. The authors offer a clear and authoritative discussion of the reasons for the post-1995 productivity slowdown. All serious students of European economic growth should read this book.' Nicholas Crafts, Professor of Economic History, University of Warwick

'This book elevates the analysis of economic growth in advanced countries to new levels of sophistication and relevance. The authors have overturned the long-standing paradigm for economic growth, based on innovation, and have replaced this with the knowledge economy. This new paradigm focuses on investments in information technology equipment and software and intangibles, especially human capital. On this view, the failure of the long-standing European project to create a single market for services emerges as the main barrier to recovery of sustainable economic growth in Europe. Whatever the outcome of the current crisis, this book will be essential reading for policy-makers in the European Union countries and everyone interested in European economic affairs and the future of the world economy.' Dale Jorgenson, Samuel W. Morris University Professor, Harvard University
'This book instantly becomes the new Bible of post-war European economic growth. It so fully absorbs and moves beyond previous contributions that there is no need to read anything else. It poses a new paradox of productivity growth - since Europeans use all the same electronic devices as Americans do, from bar-code scanners, to smart phones, to laptops, why have European economies failed to use this cornucopia of an electronic revolution as the US has succeeded in doing? The answers dig deep not just into differences between the US and Europe, but more importantly between northern and southern Europe. The book is a triumph and will be the starting place for all future research.' Robert J. Gordon, Stanley G. Harris Professor in the Social Sciences, Northwestern University
'This is a terrific new study of economic growth in Europe by a really first-rate group of researchers. The findings are highly significant: investments in information technology and the increase in human capital have both contributed to growth in Europe, but neither factor explains why productivity growth has slowed so much in the region. Instead, the authors point to a slowdown in the efficiency with which factors of production are used (MFP) and particularly the weak productivity performance in service industries in Europe compared to those in the United States economy. Economists and policymakers should take note and learn from this important book.' Martin Neil Baily, Schwartz Chair in Economic Studies at the Brookings Institution and former Chair of the Council of Economic Advisers
'Productivity growth is both critical to our welfare, yet mysterious to understand. This book tackles the puzzle of why European countries stopped catching up with America after the mid 1990s with verve and rigour. It is comprehensive, data-intensive and an incredibly impressive feat - a must-read for anyone who is seriously interested in how European countries should reform to take advantage of the growth of new technologies and the service sector.' John van Reenen, London School of Economics and Political Science
'This is a major contribution to the analysis of recent European productivity performance. It shows the value of an in-depth treatment at the industry level. The authors offer a clear and authoritative discussion of the reasons for the post-1995 productivity slowdown. All serious students of European economic growth should read this book.' Nicholas Crafts, University of Warwick

List of figuresp. vii
List of tablesp. x
Preface and acknowledgementsp. xiii
Introduction and overviewp. 1
Introductionp. 1
Perspectives on Europe's falling behindp. 3
Growth accountingp. 5
Book summary and contributionp. 9
Concluding remarksp. 16
Economic growth in Europep. 18
Introductionp. 18
European and US productivity growth since 1950p. 19
Growth accounting for Europe and the United Statesp. 24
Structural change and the European slowdownp. 30
Market services and the growing EU-US gapp. 34
Increasing European diversityp. 38
Concluding remarksp. 44
EU KLEMS databasep. 46
Introductionp. 46
Growth accounting methodologyp. 47
Output and intermediate inputsp. 60
Labour servicesp. 63
Capital servicesp. 69
Issues in measuring outputs, inputs and productivityp. 78
Measurement issues in market servicesp. 90
Comparisons with alternative measuresp. 100
Concluding remarksp. 106
Appendix The EU KLEMS database: contents of the March 2008 versionp. 107
Structural changep. 129
Introductionp. 129
Trends in output and employmentp. 132
Trends in productivityp. 136
Growing role of skills and ICT capitalp. 140
Concluding remarksp. 150
The industry origins of aggregate growthp. 152
Introductionp. 152
Methodology: industry contributions to growthp. 152
Labour productivity growthp. 156
Capital and labour input growthp. 161
Multi-factor productivity growthp. 172
Patterns of growth: yeast versus mushroomsp. 177
Concluding remarksp. 183
Appendixp. 187
Productivity levels and convergencep. 189
Introductionp. 189
Level accounting methodologyp. 191
Basic data for productivity level comparisonsp. 201
Productivity levels: crude versus data-intensive measuresp. 210
Reliability of level estimatesp. 219
Productivity gaps and accountsp. 226
Convergence analysisp. 237
Determinants of productivity growthp. 241
Concluding remarksp. 250
Drivers of productivity growth in Europep. 252
Paths for productivity growth in Europep. 252
Measuring services productivityp. 255
The role of intangible capitalp. 259
Demand, productivity and innovationp. 263
Resource reallocation, competition and regulationp. 265
Concluding remarksp. 267
Referencesp. 268
Indexp. 289
Table of Contents provided by Ingram. All Rights Reserved.

ISBN: 9780521198875
ISBN-10: 0521198879
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 312
Published: 29th November 2010
Publisher: Cambridge University Press
Country of Publication: GB
Dimensions (cm): 23.5 x 15.9  x 2.4
Weight (kg): 0.62