“…It argues that large opportunities in terms of increases in productivity can ensue, including for developing countries, given the vastly reduced costs of capital that some applications have demonstrated and the potential for productivity increases, especially among the low-skilled. …”

“…In particular adverse productivity shocks, higher user costs of capital, stronger real wage growth, heavier tax burden, larger unionization rate and more stringent employment protection legislation can be shown to depress unemployment dynamics. …”