The analysis dismisses the notion of a genuine trade-off between employment and productivity growth. More and better jobs – an example of goal inconsistency. Background considerations. The dynamic employment-productivity relationship in recent years.
However, over the longer term, real demand will generally tend towards a level consistent with stable inflation, this level being determined by overall supply conditions in the economy. By focusing on the functioning of labour, product and capital markets, as well as investments in R&D and human capital, the Lisbon strategy seeks to raise employment and growth potential in a sustainable manner. In addition, while one may ask whether the employment rate is the ideal variable to target, there is no doubt that low employment rates in several EU Member States are a symptom of poor labour market performance, and that improving labour market performance would lead both to higher employment rates and to greater economic welfare. The benefits of higher employment rates for the sustainability of the public finances (at least in the short-to-medium term) were also noted.
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