We should resign ourselves that OECD economies have become inefficient

Despite the rise in spending on R&D, automation, investment in new technologies and the education level of the labour force in OECD countries, productivity gains or technological progress (total factor productivity) have declined. Only a very small share of the decline in productivity gains is due to the shift in the sectoral structure of the economy. This means that OECD economies are becoming increasingly inefficient (few real innovations, mismatches between skills and the needs of the economy, rent-seeking, proliferation of zombie firms, etc.) .