[MGSA-L] Productivity in Greece

[DANIEL P. Tompkins]

Here is a link to Matthew Klein's contribution <http://Michael Pettis
explains the euro crisis (and a lot of other things, too)>concerning a
longer, fascinating, blog post on European debt by Michael Pettis, Syriza
and the French indemnity of 1871-73
<http://blog.mpettis.com/2015/02/syriza-and-the-french-indemnity-of-1871-73/>.
Pettis argues that costs of the crisis are being distributed  throughout
Europe to workers, not creditors and businesses.  I was going to summarize
that but realized it's complex and better left to readers.  Both pieces
strike me as worth a look.

A few weeks ago I posted information about average *hours worked per week*
throughout Europe, noting that Greek workers put in more time on the job
than Germans and most others.  Some correspondents pointed out, however,
that "hours per week" is a weak measure since it ignores productivity and
other variables.  Now, Klein says (see first page of his post) that since
1998, Greek worker *productivity -- like that of all workers in Europe
* -- *has
outpaced Germany's*.  I must say that  the OECD records I checked show
there's room for growth in Greece on this standard.  But it's still a
positive sign.  That Germany's productivity is so low is troubling, and
perhaps a sign that continent -wide changes, including a reduction in
 austerity, are due.

Best,

Dan Tompkins
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