SA’s great ratios

South Africa’s growth experience since 2000 has been marked by higher labour productivity (the output-labour ratio). However, it was also characterised by higher capital intensity (the capital-labour ratio) and lower output per unit of capital, suggesting that capital accumulation played a bigger role in South Africa’s growth over this period.


In this paper, I discuss the implications of the great ratios in this post for productivity and the implications of economic growth in South Africa for the labour share.

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