Report
Labour productivity, total capital and labour productivity and energy consumption productivity
We examine the dynamics of labour productivity, total capital and labour productivity and energy consumption productivity in the United States and the euro zone. If we assume that capital and labour are substitutable for energy, we should find that the rise in energy productivity (the fall in the energy consumption/GDP ratio) coincides with a fall in total factor productivity and labour productivity; if capital is substitutable for energy and labour, the rise in energy productivity coincides with a rise in labour productivity and total factor productivity. In the United States, capital is substitutable for labour and energy; energy productivity and labour productivity are rising. In the euro zone, capital and labour are substitutable for energy; energy productivity is rising and labour productivity is slowing.
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Natixis
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