"The growth in the productivity of the Greek economy will have a decisive impact on the direction of the Greek economy and the dynamics it will develop in the years to come." This is noted in the study entitled "Productivity issues in the Greek economy: social determinants" published by the Centre for Planning and Economic Research (CEPE).

As stated in a statement by the CEPE on the study, the examination of the productivity of the Greek economy has been one of the main research interests of the CEPE over time, which is evident from its role as the National Productivity Council. This study, which is part of the body of literature that the Centre has developed and continues to develop, also contributes to this direction. The emphasis on productivity issues in the Greek economy is a fundamental component for the formulation of a long-term development strategy, which will improve the international competitiveness of domestically produced goods and services and ultimately ensure an ever-increasing standard of living.

In other words, it is a crucial parameter for the long-term growth dynamics of the Greek economy, as is evident from the empirical results presented in the study.

The study successively exploits three alternative perspectives in order to cure methodological and conceptual peculiarities arising from different positions on the issues of measuring and estimating productivity. The first paradigm comes from the post-Keynesian tradition and emphasizes the examination of labor productivity within the context of economic history. The second model comes from the neoclassical tradition and emphasizes total productivity as a source of economic growth. Finally, the third model utilizes econometric techniques to investigate the determinants of productivity in a synthetic model that emphasizes the social determinants of labor productivity. At the same time, a separate annex presents estimates of the capital stock of the Greek economy

GROWTH STRATEGY

Overall, the productivity growth strategy is the necessary complement to a growth strategy that emphasizes the growth of the factors of production, in other words, capital investment and employment. In the context of this strategy, fiscal and monetary discipline are not obstacles, but rather preconditions for sustainable growth, while the achievement of a full employment target helps in this direction. In any case, productivity growth in the Greek economy will have a decisive impact on the direction of the Greek economy and the dynamics it will develop in the years ahead.