Productivity Puzzles: Speech Given By Chief Economist, Bank Of England

Proshare

Wednesday, 22 March 2017 10.38AM / By Andrew G Haldane, London School Of Economics, 20 March 2017  

By common assent, economists do not agree on much. I have lost count of the number of jokes about economists whose punchline ends “and they still couldn’t reach a conclusion”. That is why Harry S Truman, when President of the United States, famously yearned for a one-handed economist.

Whether or not this critique is fair, the issue I will discuss tonight is one on which economists do agree: productivity matters.

At this point, it is customary to wheel out the following, now rather over-used, Paul Krugman quote: “productivity isn’t everything, but in the long run it is almost everything.” Despite its over-use, this quote does have one important virtue, something not to be taken lightly in this post-fact, post-truth world: it is empirically verifiable and appears to be factually accurate.

Let me illustrate that with a simple example. 

Read the full speech



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