«IGITUR EX FRUCTIBUS EORUM COGNOSCETIS EOS»... «by their fruits you will cognize them»... «pelos seus frutos os conhecereis»... (Evangelium secundum Matthaeum, Gospel by Matews, Evangelho segundo Mateus: I century after Christ, I século depois de Cristo)
What is the Value Added by the Employees in all Economy of a Country? International macroeconomic ortodoxy only think in the Value Added by the number of Employees and call it «Productivity». In a microeconomic point of view is much more better look at a ratio like Value Added over Value of Employees, Productivity in Value point of view. In a macroeconomic point of view and in a Competitive Analysis we win in this kind of approach as an alternative look to Economies:
As we have seen in the first text about Productivity with 2010 figures, we can with 2011 data, put Greece in the top of Europe (2,50€ of Value Added for each 1€ Value of Employees) with that indicator of Productivity and Portugal (1,74€) at the same level of Germany (1,75€) and Belgium (1,73€), and better than the monetary fundamentalist Finland (1,70€), France (1,69€), United Kingdom (1,65€) or Denmark (1,55€).
Despite that Portugal have a worst position related with Spain (1,90€), Italy (2,12€), Romania (2,19€), Poland (2,37€) and Norway (1,98€).
The reason for that is off course, the lower level of Value Added compensated by a lowest level in Value of Employees, and we need more indicators for understand Economy, but we know very well that can means an advantage for some kind of industrial activities (see the «Pacte pour la Compétivité de l´Industrie Française» by Louis Gallois with the support of Clément Lubin e Pierre-Emanuel Thiard, 2012 and Eurostat figures in our map, graphic and table):
Portugal and Denmark decrease in a medium-lower level.
All of these countries, with exception of Spain, have lower levels of Value Added over Value of Employees.
The countries that don´t lost the high weight of Industry in it Value Added (Poland and Romania) have also the hightest level of that indicator of Productivity.
In times that finnaly, Europe wake up for the virtues of modern industries linked to services, the relationship between Value Added and Value of employees win a new advantage for analysis. Obvious that Troika don´t use this kind of approach that implicate another diagnosis prognosis and therapeutic ... We hope that we can see future changes soon as possible ...
In the work «Building the Competitive Advantages of Portugal» (1994) leaded by Michael Porter, we can see:
«In general, the ratio value added over the number of employees does not take account a certain number of points:
. The number of workers is not an optimal measure of the quantity of work employed (...).
. Different prices and combinations of the factors biasing the conclusions. (...).
. The labour force can have differents degrees of skills. (...).
. The value added reflect prices and quantities. (...). In the case of ceramic manufacturing, the portuguese companies are concentred in the lower market segments, whose contribbuted for a more lower apparent productivity.»
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