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...The two are related. The productivity problem confronting the world’s advanced economies predates the financial crisis. Advanced economies have become less dynamic and are at risk of becoming sclerotic unless the ambition for reform is revived. It’s essential that we understand three sources of the current productivity slump in particular. First, the productivity slowdown masks a widening performance gap between more productive and less productive firms (the picture for service sector firms is even worse). This divergence is not just driven by firms at the frontiers of their industry, pushing the technological boundaries, but also by stagnating productivity growth at what can be called laggard companies that have failed to adopt the leaders’ best practices. This is also bad news for inclusiveness, since rising wage inequality can be largely traced to the growing differentials in average wages paid across companies, with high-productivity ones paying high wages and low-productivity businesses paying low wages. ...Live Mint on May 9, 2017, 2:02 a.m.