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<p>Structural reforms of labor markets, as proposed by supply-side economists, are a cause of the post-2005 productivity crisis in the Triad (USA, EU, Japan). Structural reforms removed labor-market rigidities that were useful for innovation. Labor markets that work better (in a neoclassical view) are working worse from an evolutionary innovation perspective. Negative effects are worst if innovation requires a highly cumulative knowledge base. Low productivity growth leads to a labor-intensive growth path and hence to tighter labor markets. The latter can increase wage costs, thereby enhancing the diffusion of process technology and a return to higher productivity growth. Innovation and productivity would also be supported by more protective&#xa0;labor market institutions.</p>

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How structural reforms of labor markets contribute to a productivity crisis. An essay on neoclassical versus evolutionary efficiency

  • 期刊论文

  • 发表日期：

    2026年1月23日

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  • Alfred Kleinknecht

摘要

Structural reforms of labor markets, as proposed by supply-side economists, are a cause of the post-2005 productivity crisis in the Triad (USA, EU, Japan). Structural reforms removed labor-market rigidities that were useful for innovation. Labor markets that work better (in a neoclassical view) are working worse from an evolutionary innovation perspective. Negative effects are worst if innovation requires a highly cumulative knowledge base. Low productivity growth leads to a labor-intensive growth path and hence to tighter labor markets. The latter can increase wage costs, thereby enhancing the diffusion of process technology and a return to higher productivity growth. Innovation and productivity would also be supported by more protective labor market institutions.