Abstract
On a long-term assessment, the economic situation in the industrial countries has grown more difficult. Unemployment is higher than it was in the 1960s, while growth both in the economy as a whole and in productivity is now slower. High labour costs are frequently cited as the underlying cause of these changes. This article sets out to counter (or to complement) this supposition by directing the spotlight on to what has now become a substantial decline in capital productivity in the industrial countries.
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