Paolo Sylos-Labini (1920 – 2005) was one of the greatest Italian economists of the XX century. In this paper, Emilio Carnevali, Antoine Godin, Stefano Lucarelli and I use his theoretical framework to analyse the determinants of labour productivity in the Euro Area. Our findings confirm Sylos-Labini’s insights: labour productivity is strongly and positively correlated with the size of the market, the cost of labour relative to the machinery price, the absolute cost of labour, and lagged investment. [go to Metroeconomica website]

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