ecb speech, 2006-05-22
The conjecture I would propose is that, under certain circumstances, in a period of very rapid technological and structural changes, the more an economy is inflexible, the more it resists to these changes, to the extent that far from taking advantages of the acceleration in progress in technology its 'Total factor productivity' growth diminishes in comparison with what it was in the period preceding the surge of technology.
Sentiment: neutral
Topic: mp_economic_activity