Economic Growth in Europe: A Comparative

Why has European growth slowed down since the 1990s while American productivity growth has speeded up? This book provides a thorough and detailed analysis of the sources of growth from a comparative industry perspective. It argues that Europe's slow growth is the combined result of a severe productivity slowdown in traditional manufacturing and other goods production, and a concomitant failure to invest in and reap the benefits from Information and Communications Technology (ICT), in particular in market services. The analysis is based on rich new databases including the EU KLEMS growth accounting database and provides detailed background of the data construction. As such, the book provides new methodological perspectives and serves as a primer on the use of data in economic growth analysis. More generally, it illustrates to the research and policy community the benefits of analysis based on detailed data on the sources of economic growth.

List of figures	p. vii
List of tables	p. x
Preface and acknowledgements	p. xiii
Introduction and overview	p. 1
Introduction	p. 1
Perspectives on Europe's falling behind	p. 3
Growth accounting	p. 5
Book summary and contribution	p. 9
Concluding remarks	p. 16
Economic growth in Europe	p. 18
Introduction	p. 18
European and US productivity growth since 1950	p. 19
Growth accounting for Europe and the United States	p. 24
Structural change and the European slowdown	p. 30
Market services and the growing EU-US gap	p. 34
Increasing European diversity	p. 38
Concluding remarks	p. 44
EU KLEMS database	p. 46
Introduction	p. 46
Growth accounting methodology	p. 47
Output and intermediate inputs	p. 60
Labour services	p. 63
Capital services	p. 69
Issues in measuring outputs, inputs and productivity	p. 78
Measurement issues in market services	p. 90
Comparisons with alternative measures	p. 100
Concluding remarks	p. 106
Appendix The EU KLEMS database: contents of the March 2008 version	p. 107
Structural change	p. 129
Introduction	p. 129
Trends in output and employment	p. 132
Trends in productivity	p. 136
Growing role of skills and ICT capital	p. 140
Concluding remarks	p. 150
The industry origins of aggregate growth	p. 152
Introduction	p. 152
Methodology: industry contributions to growth	p. 152
Labour productivity growth	p. 156
Capital and labour input growth	p. 161
Multi-factor productivity growth	p. 172
Patterns of growth: yeast versus mushrooms	p. 177
Concluding remarks	p. 183
Appendix	p. 187
Productivity levels and convergence	p. 189
Introduction	p. 189
Level accounting methodology	p. 191
Basic data for productivity level comparisons	p. 201
Productivity levels: crude versus data-intensive measures	p. 210
Reliability of level estimates	p. 219
Productivity gaps and accounts	p. 226
Convergence analysis	p. 237
Determinants of productivity growth	p. 241
Concluding remarks	p. 250
Drivers of productivity growth in Europe	p. 252
Paths for productivity growth in Europe	p. 252
Measuring services productivity	p. 255
The role of intangible capital	p. 259
Demand, productivity and innovation	p. 263
Resource reallocation, competition and regulation	p. 265
Concluding remarks	p. 267
References	p. 268
Index	p. 289
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Economic Growth in Europe: A Comparative Industry Perspective

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