OECD countries: Why has potential growth fallen? A review of possible explanations

In OECD countries, potential growth has fallen not only because of population ageing, but also because of a decline in productivity gains (in labour or total factor productivity). This fall in productivity gains is surprising, since there has been an increase in spending on R&D and innovation, in investment in new technologies and in automation, and in the population's level of education. What explanations can then be given for the decline in productivity gains? A loss of R&D efficiency; A shortfall in investment, given in particular the accelerated obsolescence of capital and the doubt about quality effects relating to capital goods; Losses of capital and human capital due to recurring crises; The mismatch between education and skills and the economy’s new needs.