No. 85. PRODUCTIVITY ISSUES IN THE GREEK ECONOMY: SOCIAL DETERMINANTS. (in Greek)
K. Passas. 2024. | ISBN: 978-960-341-142-0 (Print) ISBN: 978-960-341-143-7 (Online)
The examination of the productivity of the Greek economy has been one of the main research interests of KEPE over time, which is evident from its role as the National Productivity Council. The present study, integrated in the body of literature developed and still being developed by the KEPE, also contributes to this direction. The emphasis on productivity issues in the Greek economy is a fundamental component for the formulation of a long-term development strategy that will improve the international competitiveness of domestically produced goods and services and ultimately ensure an ever-increasing standard of living. In other words, it is a crucial parameter for the long-term growth dynamics of the Greek economy, as is evident from the empirical results presented below.
The present study utilises three alternative perspectives to address methodological and conceptual issues arising from different viewpoints on issues of measuring and estimating productivity. The first model derives from the post-Keynesian tradition and emphasizes the examination of labour productivity within the context of economic history. The second model comes from the neoclassical tradition and emphasises total productivity as a source of economic growth. Finally, the third model utilizes econometric techniques to investigate the determinants of productivity in a synthetic model that emphasizes the social determinants of labour productivity. At the same time, a separate annex presents estimates of the capital stock of the Greek economy.
Overall, a productivity growth strategy is a necessary complement to a growth strategy that emphasises the growth of the factors of production, in other words capital investment and employment. In the context of this strategy, fiscal and monetary discipline are not obstacles, but rather preconditions for sustainable growth, while the achievement of a full employment target helps in this direction. In any case, productivity growth in the Greek economy will have a decisive impact on the direction of the Greek economy and the dynamics it will develop in the years ahead.