The driving force of labor productivity

Details The driving force of labor productivity The driving force of labor productivity

2008-11-13

arxiv.org/abs/0811.2124v1

Economy

Quantitative Finance

General Finance

pages 20, figures 12

Scientific paper

Labor productivity in developed countries is analyzed and modeled. Modeling is based on our previous finding that the rate of labor force participation is a unique function of GDP per capita. Therefore, labor productivity is fully determined by the rate of economic growth, and thus, is a secondary economic variable. Initially, we assess a model for the U.S. and then test it using data for Japan, France, the UK, Italy, and Canada. Results obtained for these countries validate those for the U.S. The evolution of labor force productivity is predictable at least at an 11-year horizon

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