The book compares the 1954–79 labour productivity record of 5 expanding public sector industries to that of 24 expanding, capital intensive, mass-production industries in the British private sector. The author shows that the public sector industries’ labour productivity growth was significantly faster than that of the private sector industries. Strikingly, he also finds that the state-owned industries were narrowing their productivity gap with their US counterparts at a significantly faster rate than the private sector industries. Dr Iordanoglou concludes that it is possible that public ownership had – in the historical period investigated – a long-term positive effect on these industries.
A Closer Look at the 1954–79 UK Labour Productivity Record
Subjects: economics and finance, industrial organisation, labour economics
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