Over the past 10 years, the issue of stagnating UK productivity has grown to seem almost unstoppable. Each multifactor release from the Office of National Statistics (ONS) offers few signs of hope — to the point that no individual solution seems sufficient to tackle such an overwhelming problem.
But multifactor productivity (MFP) research can bring more than just misery. Take a deep dive on the methodology that the ONS use, and a four-part strategy to escape the productivity trap becomes clear. Breaking down multifactor productivity Like any productivity measure, MFP analyses how efficiently an economy, area or business is converting its inputs (labour,…
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