Productivity isn’t everything, but in the long run it is almost everything.Paul Krugman
International datasets on productivity:
EU KLEMS (‘measures of economic growth, productivity, employment, capital formation, and technological change at the industry level for all European Union member states, Japan, and the US’)
CompNet (‘micro-based competitiveness dataset for European countries, unprecedented in terms of coverage and cross-country comparability’)
How are economic statistics collected? Do economic models correspond to observable reality?
In a world where markets and politicians respond strongly to things like gross domestic product (GDP) figures and economic forecasts, these are important questions. Unfortunately, discussion often jumps directly to the interpretation of new data or the output of models. Students are rarely challenged to question what the data and the models represent.
I recently came across two great articles that dig into these issues. Continue reading “Economics is hard”