Economic growth and productivity: Italy and the role of knowledge
DOI:
https://doi.org/10.13133/2037-3643_73.294_1Keywords:
Italy, stagnation, innovation, human capitalAbstract
The COVID-19 crisis has hit Italy severely: by mid-2020, GDP had returned to the level observed in 1993. This is the result not only of its sharp collapse in the first half of 2020, but also of its weak growth since the 1990s. Addressing the problems that have restrained the economy for 30 years is, therefore, as important as tackling those created by the pandemic. In Italy, to return to a path of sustainable growth, implementing reforms aimed at creating a business-friendly environment is necessary but not sufficient. When a country approaches the technological frontier, growth depends on the capacity to incorporate and foster innovation and on the quantity and quality of investment in education. and knowledge. After documenting Italy’s delays in innovation and education, we discuss their interrelation with the structure of the productive system and argue that achieving higher growth rates require a technological and cultural transformation.JEL codes: E00, O30, I20
References
Anvur (2018), Rapporto biennale sullo stato del sistema universitario e della ricerca, Rome: Agenzia Nazionale di Valutazione del sistema Universitario e della Ricerca.
Bloom N. and Van Reenen J. (2007), “Measuring and Explaining Management Practices across Firms and Countries”, Quarterly Journal of Economics, 122 (4), pp. 1351-1408.
Bugamelli M., Cannari L., Lotti F. and Magri S. (2012), “Il gap innovativo del sistema produttivo italiano: radici e possibili rimedi, Questioni di economia e finanza, n. 121, Rome: Bank of Italy.
Bugamelli M. and Lotti F., eds., (2018) “La crescita della produttività in Italia: la storia di un cambiamento al rallentatore”, Questioni di economia e finanza, n. 422, Rome: Bank of Italy.
Baltrunaite A., Bovini G. and Mocetti S. (2020), “Opening the Black-Box of Managerial Talent”, Temi di discussione, forthcoming, Rome: Bank of Italy.
D’Alessio G., De Bonis R., Neri A. and Rampazzi C. (2020), “L’alfabetizzazione finanziaria degli italiani: i risultati dell’indagine della Banca d’Italia del 2020”, Questioni di economia e finanza, forthcoming, Rome: Bank of Italy.
European Commission (2020a), European Innovation Scoreboard, Brussels: European Commission.
European Commission (2020b), The Digital Economy and Society Index: DES 2020, Brussels: European Commission.
Fitoussi J.P., Stiglitz J. and Durand M. (2018), Beyond GDP: Measuring What Counts for Economic and Social Performance, Paris: OECD Publishing.
ISTAT (2020), BES 2019: Equitable and Sustainable Well-Being in Italy, Rome: Istituto nazionale di statistica.
Lotti F. and Sette E. (2019), “Frontier and Superstar Firms in Italy”, Questioni di economia e finanza, n. 537, Rome: Bank of Italy.
Morresi O. (2017), “How Much is CEO Education Worth to a Firm? Evidence from European Firms”, PSL Quarterly Review, 70 (282), pp. 311-353.
Nordhaus W.D. and Tobin J. (1973), “Is Growth Obsolete?”, in Moss M. (ed.), The Measurement of Economic and Social Performance (pp. 509-564), Boston: National Bureau of Economic Research.
OECD (2016), The Survey of Adult Skills: Reader’s Companion, 2nd ed., Paris: OECD Publishing.
OECD (2017), OECD Science, Technology and Industry Scoreboard, Paris: OECD Publishing.
OECD (2020a), Main Science and Technology Indicators, Paris: OECD Publishing.
OECD (2020b), Education at a Glance 2020: OECD Indicators, Paris: OECD Publishing.
OECD (2020c), PISA 2018 Results, Volume IV: Are Students Smart about Money?, Paris: OECD Publishing.
Pagano P. and Schivardi F. (2003), “Firm Size Distribution and Growth”, Scandinavian Journal of Economics, 105 (2), pp. 255-274.
Pellegrino B. and Zingales L. (2017), “Diagnosing the Italian Disease”, NBER Working Paper, n. 23964, Cambridge (MA): National Bureau of Economic Research.
Schivardi F. and Schmitz T. (2020), “The IT Revolution and Southern Europe’s Two Lost Decades”, Journal of the European Economic Association, forthcoming.
Schivardi F. and Torrini R. (2010), “Structural Change and Human Capital in the Italian Productive System”, Giornale degli Economisti, 69 (3), pp. 119-167.
Sen A. (1982), Choice, Welfare and Measurement, Oxford: Basic Blackwell.
Sen A. (1999), Development as Freedom, Oxford: Oxford University Press.
Visco I. (2014), Investire in conoscenza. Crescita economica e competenze per il XXI secolo, 2nd ed., Bologna: Il Mulino.
Visco I. (2015), Perché i tempi stanno cambiando, Bologna: Il Mulino.
Visco I. (2018), Anni difficili. Dalla crisi finanziaria alle nuove sfide per l’economia, Bologna: Il Mulino.
Visco I. (2019), “L’economia italiana: tra ‘sviluppo tardivo’ e declino demografico”, lecture given at the Lezione Giorgio Fuà 2019, Università Politecnica delle Marche, Ancona, 20 September.
Downloads
Published
How to Cite
Issue
Section
License
