Author : International Monetary Fund
Release : 1987-01-01
Genre : Business & Economics
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Book Rating : 644/5 ( reviews)

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Staff Studies for the World Econ Outlook, August 1987 - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Staff Studies for the World Econ Outlook, August 1987 write by International Monetary Fund. This book was released on 1987-01-01. Staff Studies for the World Econ Outlook, August 1987 available in PDF, EPUB and Kindle. This paper reviews the long-term growth performance of the major industrial countries and discusses some of the many factors that have been identified as possible sources of the marked slowdown in growth since the early 1970s. According to the view of different demographic developments across countries, it is useful to break the growth of output down into changes in tabor input and changes in labor productivity in order to obtain a basis for cross-country comparisons. Wage behavior in the face of energy price shocks appears to have differed considerably among the major industrial countries. Increased uncertainty, reflecting, in particular, changes in the international economic environment and the stop-go financial policies of several of the major countries during the 1970s, and is frequently cited as a possible reason for the slowdown in growth, mainly through its impact on private investment. Views on the contribution of slower net capital accumulation to the deceleration in growth depend upon assessments of whether the efficiency of investment declined significantly after 1973 and on assumptions made about technological change and the embodiment of technical progress.