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Productivity and the bonus culture

Author: Andrew Smithers
Publisher: Oxford : Oxford University Press, 2019.
Edition/Format:   Print book : English : First editionView all editions and formats
Summary:
Living standards in the UK and US are in danger of falling. A decline in growth due to poor productivity and an unfavorable change in demography has weakened the stand of liberal democracy, and voter dissatisfaction is encouraging populist policies that threaten even worse outcomes. Whilst living standards once grew faster than productivity they now grow more slowly, and the working population is no longer growing  Read more...
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Document Type: Book
All Authors / Contributors: Andrew Smithers
ISBN: 0198836112 9780198836117
OCLC Number: 1057783548
Description: xx, 169 pages : illustrations ; 24 cm
Contents: The legacy of the financial crisis --
What I seek to show --
Poor productivity and damaging demography --
The cause of poor productivity --
Ageing populations --
Other influences on growth --
The problem of income inequality --
Two models of growth --
Investment and the stock of capital --
Description of my model --
The results of my model --
Testing the proposed model --
Investment, the capital stock, and economic policy --
The bonus culture has raised the hurdle gate --
The added impact of misinformation --
Implications for growth --
Management and shareholder interests --
Distractions from serious debate - Deflation --
The UK is similar to the US --
Reversing perverse incentives --
Changing the economic impact of current incentives --
Misinformation adds to risks for the economy --
The economic consequences of higher investment --
Summary and conclusions APPENDICES: A.1. The impact of real and nominal interest rates --
A.2. Measurement of the net capital stock and depreciation in the UK and the US --
A.3. The Gini Coefficient --
A.4. The formulae for NTV --
A.5. US profits as published are habitually overstated --
A.6. The Balassa-Samuelson effect --
A.7. Abolishing ACT caused a large rise in the effective rate of corporation tax --
A.8. Why profit margins in mature economies are expected to revert to their mean
Responsibility: Andrew Smithers.

Abstract:

Growth in the US and UK is declining due to poor productivity. This book sets out a revised model which demonstrates that weakness in productivity is the result of the bonus culture, and suggests  Read more...

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Smither's conclusions are made more credible by his effective refutation of alternative theories of declining productivity growth and by his unparalleled understanding of underlying data sources. His Read more...

 
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