The Knowledge Content of the Greek Production Structure in the Aftermath of the Greek Crisis

Abstract

Contrary to the traditional approaches for the evaluation of human capital, this study proposes the assessment of human capital through its qualitative characteristics (knowledge, skills, abilities, and working activities). To investigate the knowledge content density in the Greek production structure for the year 2018, the methodology followed concerns a sectoral analysis of the economy and the matching of each occupation with four knowledge items from the O*NET database. The findings indicate that the prevailing knowledge characteristics (66% of total) of the Greek production structure of 2018 concern a simple rather than sophisticated knowledge background which is reflected in the economic structure and in middle and low specialization of the workforce. This study contributes to the literature by providing an original and robust way to evaluate the knowledge content in total within the economy without being based on model forecasts but sectoral data. Furthermore, it provides policymaking insights for the intervention in specific areas of the knowledge content which could “nudge” economic growth of the existing production structure. The grounds for policymaking concern education, reskilling, and especially lifelong learning programs.