OECD 2015, Adler et al. 2017). Jones suggests studying the sources of this slowdown via the two main forces that explain productivity in modern growth theory: innovation and the misallocation of production factors.
Regarding the latter, Jones (2017) reports key results of the literature that associates the dispersion of marginal products of the same factors across firms in the US and in Europe with degrees of misallocation (e.g. Gopinath et al. 2017, highlighting deteriorating factor allocation in Italy and Spain). A recent paper by Bils et al.