An October 2022 paper from the Commonwealth Treasury entitled "Understanding Productivity in Australia and the Global Slowdown" draws attention to declining labour productivity in Australia. Write:

1. explaining the link between innovation and entrepreneurship and the labour productivity slowdown
2. indicating policies that may be adopted by the Commonwealth, States and Territories to boost labour productivity

You understand that an evolutionary economics approach is a very useful framework for understanding this problem.

Hint: apply the logic (not the mathematics) underlying the Price/Fisher theorems and how they underlie the micro-meso-macro framework.

Answer rating: 100% (QA)

The link between innovation and entrepreneurship and the labor productivity slowdown can be understood through the lens of evolutionary economics In this framework innovation and entrepreneurship are ... View the full answer