Canadian Productivity Growth, Secular Stagnation, and Technological Change
In this article, we show first that the recent slowdown in productivity growth in Canada, similar to that in the United States, can be attributed at least in part to the fall-off in the commercialization of new technologies. Using our bookbased indicators of technological change, we are able to show...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
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Centre for the Study of Living Standards
2018-09-01
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| Series: | International Productivity Monitor |
| Subjects: | |
| Online Access: | http://www.csls.ca/ipm/35/Alexopoulos-Cohen.pdf |
| _version_ | 1818500400565714944 |
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| author | Canadian Productivity Growth, Secular Stagnation, and Technological Change Jon Cohen |
| author_facet | Canadian Productivity Growth, Secular Stagnation, and Technological Change Jon Cohen |
| author_sort | Canadian Productivity Growth, Secular Stagnation, and Technological Change |
| collection | DOAJ |
| description | In this article, we show first that the recent slowdown in productivity growth in Canada, similar to that in the United States, can be attributed at least in part to the fall-off in the commercialization of new technologies. Using our bookbased indicators of technological change, we are able to show that this is true for both aggregate measures of technology and, at the disaggregate level, for mechanical/manufacturing and electrical technologies. Our results also indicate that the productivity impact of the slowdown in Canada is much greater on goods-producing industries than it is on services. Second, our latest results suggest that, contrary to the concerns of some that we are entering a new period of secular stagnation characterized by low productivity and economic growth, we are actually on the threshold of significant new technological breakthroughs, associated largely, but not only, with advances in artificial intelligence (AI) and robotics. Provided that Canadian firms adopt these innovations, we can anticipate not a continuation of slow productivity growth but an acceleration. |
| first_indexed | 2024-12-10T20:42:13Z |
| format | Article |
| id | doaj.art-8ea24892c4ed4ee085be81545bccdfaa |
| institution | Directory Open Access Journal |
| issn | 1492-9759 1492-9767 |
| language | English |
| last_indexed | 2024-12-10T20:42:13Z |
| publishDate | 2018-09-01 |
| publisher | Centre for the Study of Living Standards |
| record_format | Article |
| series | International Productivity Monitor |
| spelling | doaj.art-8ea24892c4ed4ee085be81545bccdfaa2022-12-22T01:34:20ZengCentre for the Study of Living StandardsInternational Productivity Monitor1492-97591492-97672018-09-0135113137Canadian Productivity Growth, Secular Stagnation, and Technological ChangeCanadian Productivity Growth, Secular Stagnation, and Technological Change0Jon Cohen1University of TorontoUniversity of TorontoIn this article, we show first that the recent slowdown in productivity growth in Canada, similar to that in the United States, can be attributed at least in part to the fall-off in the commercialization of new technologies. Using our bookbased indicators of technological change, we are able to show that this is true for both aggregate measures of technology and, at the disaggregate level, for mechanical/manufacturing and electrical technologies. Our results also indicate that the productivity impact of the slowdown in Canada is much greater on goods-producing industries than it is on services. Second, our latest results suggest that, contrary to the concerns of some that we are entering a new period of secular stagnation characterized by low productivity and economic growth, we are actually on the threshold of significant new technological breakthroughs, associated largely, but not only, with advances in artificial intelligence (AI) and robotics. Provided that Canadian firms adopt these innovations, we can anticipate not a continuation of slow productivity growth but an acceleration.http://www.csls.ca/ipm/35/Alexopoulos-Cohen.pdftechnologyinnovationcanadian productivity |
| spellingShingle | Canadian Productivity Growth, Secular Stagnation, and Technological Change Jon Cohen Canadian Productivity Growth, Secular Stagnation, and Technological Change International Productivity Monitor technology innovation canadian productivity |
| title | Canadian Productivity Growth, Secular Stagnation, and Technological Change |
| title_full | Canadian Productivity Growth, Secular Stagnation, and Technological Change |
| title_fullStr | Canadian Productivity Growth, Secular Stagnation, and Technological Change |
| title_full_unstemmed | Canadian Productivity Growth, Secular Stagnation, and Technological Change |
| title_short | Canadian Productivity Growth, Secular Stagnation, and Technological Change |
| title_sort | canadian productivity growth secular stagnation and technological change |
| topic | technology innovation canadian productivity |
| url | http://www.csls.ca/ipm/35/Alexopoulos-Cohen.pdf |
| work_keys_str_mv | AT canadianproductivitygrowthsecularstagnationandtechnologicalchange canadianproductivitygrowthsecularstagnationandtechnologicalchange AT joncohen canadianproductivitygrowthsecularstagnationandtechnologicalchange |