Economic Progress

The secret of productivity growth is not technology

Orange spark against black background; Tight labour markets spark productivity growth.

Technology is critical to productivity growth, but tight labour markets provide the spark to fuel this growth. Image: Unsplash/@jeztimms

Philipp Carlsson-Szlezak
Global Chief Economist, Boston Consulting Group
Paul Swartz
Director and Senior Economist, BCG Henderson Institute
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— Philipp Carlsson-Szlezak, BCG & Paul Swartz, BCG Henderson Institute
2 graphs showing the weak link between investment and productivity growth, but a strong link between productivity growth and labour market tightness.
Tight labour markets typically have more of an impact on productivity growth than investment. Image: BCG Henderson Institute
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— Philipp Carlsson-Szlezak, BCG & Paul Swartz, BCG Henderson Institute
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— Philipp Carlsson-Szlezak, BCG & Paul Swartz, BCG Henderson Institute
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Related topics:
Economic ProgressFuture of WorkTechnological Transformation
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