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Growth in the US and UK is declining due to poor productivity. This text sets out a revised model which demonstrates that weakness in productivity is the result of the bonus culture, and suggests ways to change this flawed system so that investment is encouraged and growth returns.

Industrial productivity. --- Productivity, Industrial --- TFP (Total factor productivity) --- Total factor productivity --- Industrial efficiency --- Production (Economic theory)

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Industrial productivity --- OECD countries --- Economic policy. --- Productivity, Industrial --- TFP (Total factor productivity) --- Total factor productivity --- Industrial efficiency --- Production (Economic theory)

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Government productivity. --- Industrial productivity. --- Productivity, Industrial --- TFP (Total factor productivity) --- Total factor productivity --- Industrial efficiency --- Production (Economic theory) --- Productivity, Government --- Capital productivity --- Public administration

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Industrial management. --- Industrial productivity. --- Labor market. --- Employees --- Market, Labor --- Supply and demand for labor --- Markets --- Productivity, Industrial --- TFP (Total factor productivity) --- Total factor productivity --- Industrial efficiency --- Production (Economic theory) --- Business administration --- Business enterprises --- Business management --- Corporate management --- Corporations --- Industrial administration --- Management, Industrial --- Rationalization of industry --- Scientific management --- Management --- Business --- Industrial organization --- Supply and demand

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This Selected Issues paper analyzes productivity in the Eastern Caribbean Currency Union by exploring two complementary exercises. It computes total factor productivity by extending standard growth accounting frameworks with (1) the impact of natural disasters on the stock and productivity of physical capital; (2) human capital accumulation; and (3) the impact of out-migration on labor and human capital. The paper also analyzes labor productivity, including across economic sectors. The results indicate that the historical deceleration in growth was driven mostly by the declining contribution of total factor productivity, which resulted in stagnation in the aftermath of the global financial crisis. Labor productivity measures show that labor is largely allocated in the sectors with relatively lower productivity.

Macroeconomics --- Public Finance --- Production and Operations Management --- Fiscal Policy --- Production --- Cost --- Capital and Total Factor Productivity --- Capacity --- Human Capital --- Skills --- Occupational Choice --- Labor Productivity --- Macroeconomics: Production --- Labor Economics: General --- Public finance & taxation --- Labour --- income economics --- Fiscal rules --- Total factor productivity --- Labor productivity --- Labor --- Public debt --- Fiscal policy --- Industrial productivity --- Labor economics --- Debts, Public --- Eastern Caribbean Currency Union