Sources of Australia's Productivity Revival
This paper by Dean Parham, establishes six stylised facts about Australia's recent productivity performance and surveys the empirical literature to find reasons for a substantial improvement from the early 1990s.
The paper was invited for publication in The Economic Record and was expected to appear in the June 2004 issue. The paper was revised in December 2003.
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II What is different about the 1990s productivity experience?
i Over 1 percentage point more productivity growth
ii Improved efficiency rather than additional capital deepening
iii The productivity shift commenced in the early 1990s
iv From international productivity growth laggard to frontrunner
v New service industry contributors
vi Contemporaneous growth in inputs and productivity
III Explaining the productivity surge
i The OECD Growth Project
ii Studies of Australia’s productivity revival
iii Openness, trade liberalisation and manufacturing productivity
iv Technology, R&D and ICTs
v Human capital
vii Factor markets
Appendix 1 Existence, timing and size of a structural break