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Leadership. --- Time perception. --- Labor time. --- Time management. --- Industrial management.

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Business, Economy and Management --- Social Sciences --- Economics --- Developmental Issues & Socioeconomic Studies --- Labor productivity --- Labor costs --- Labor costs. --- Labor productivity. --- Costs, Labor --- Employees --- Payroll costs --- Personnel costs --- Costs, Industrial --- Labor output --- Productivity of labor --- Industrial productivity --- Capital productivity --- Hours of labor --- Labor time --- Productivity bargaining --- Costs

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Labor productivity levels in Bulgaria lag well behind that in the EU, weighing on the convergence process. Stronger productivity growth would allow Bulgaria to close the income gap with the EU average more quickly and to alleviate the structural problems in its labor market, reflected in its high long–term and youth unemployment. Our analysis of the drivers of labor productivity suggest that for Bulgaria closing the gap with EU standards in the areas of institutional and infrastructure quality, goods market efficiency, higher education, and innovation would permanently boost productivity growth by a total of 1 percentage point a year. This would be enough to close the income gap with the EU average by 2040, compared to the status quo where it would take an additional 10 years.

Labor productivity --- Labor market --- Convergence (Economics) --- Economic convergence --- Economics --- Employees --- Market, Labor --- Supply and demand for labor --- Markets --- Labor output --- Productivity of labor --- Industrial productivity --- Capital productivity --- Hours of labor --- Labor time --- Productivity bargaining --- Econometric models. --- Supply and demand --- Bulgaria --- Economic conditions. --- Labor --- Macroeconomics --- Production and Operations Management --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Measurement of Economic Growth --- Aggregate Productivity --- Cross-Country Output Convergence --- Economywide Country Studies: Europe --- Macroeconomics: Production --- Human Capital --- Skills --- Occupational Choice --- Labor Productivity --- Aggregate Factor Income Distribution --- Unemployment: Models, Duration, Incidence, and Job Search --- Labor Demand --- Labour --- income economics --- Productivity --- Income --- Job creation --- Production --- National accounts --- Income economics

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The paper looks at the dynamics of employment in South Africa and examines the factors that contributed to the job-shedding observed during the recent financial crisis. The paper finds that the rapid growth of the real wage, which outpaced the labor productivity growth in most sectors, played an important role in suppressing employment creation. The paper also finds that while there is a co-integrating link between the real wage and labor productivity, the deviations from equilibrium are persistent and thus contribute to a weak link between real wage growth and labor productivity growth in the short term. This finding is also supported by a cross-country analysis, which shows that in South Africa the link between the real wage and labor productivity is substantially weaker than in other emerging markets, even after controlling for labor market tightness indicators.

Wages --- Labor productivity --- Labor supply --- Labor output --- Productivity of labor --- Industrial productivity --- Capital productivity --- Hours of labor --- Labor time --- Productivity bargaining --- Labor force --- Labor force participation --- Labor pool --- Work force --- Workforce --- Labor market --- Human capital --- Labor mobility --- Manpower --- Manpower policy --- Compensation --- Departmental salaries --- Earnings --- Pay --- Remuneration --- Salaries --- Wage-fund --- Wage rates --- Working class --- Income --- Labor costs --- Compensation management --- Cost and standard of living --- Prices --- Econometric models. --- South Africa --- Economic conditions. --- Labor --- Production and Operations Management --- Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General --- Wages, Compensation, and Labor Costs: General --- Human Capital --- Skills --- Occupational Choice --- Labor Productivity --- Employment --- Unemployment --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Macroeconomics: Production --- Demand and Supply of Labor: General --- Labour --- income economics --- Macroeconomics --- Real wages --- Productivity --- Labor markets --- Production --- Economic theory --- Income economics