Abstract
To look closely at the “Greek problem” means examining some aspects that are often taken for granted. One of them is the low productivity of the Greek economy, the absence of competitiveness, the highly regulated markets etc.
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Notes
- 1.
Average labor productivity is defined as Q/L where Q is a measure of real output and L is employment. All data (except Greece) come from the EUKLEMS data base. For Greece we utilize the latest available data from ELSTAT, the Greek Statistical Authority.
- 2.
The results are omitted to save space but are available on request.
- 3.
Technical progress is estimated from a translog cost function and the associated share equation of labor. Technical progress is measured using the elasticity of cost with respect to an index of technological progress (ECT), the time trend in this application. Declining or negative ECT shows improvement or presence of technical change.
- 4.
Apparently, wages should increase in the sectors that have competitive advantage and improve during the recession, leading the economy out of it. Pragmatically, there are many employment related and non employment related costs which hamper productivity and competitiveness and their comprehensive examination is not possible here.
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Tsionas, E.G. (2014). Some Remarks on the Greek Problem. In: The Euro and International Financial Stability. Financial and Monetary Policy Studies, vol 37. Springer, Cham. https://doi.org/10.1007/978-3-319-01171-4_17
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DOI: https://doi.org/10.1007/978-3-319-01171-4_17
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