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Correlation of Labor Productivity and GDP with the Unemployment Rate: Reflections, Formulas and Calculations

The paper describes an attempt to quantify the dependence of labor productivity in the national economy on the level of unemployment. The existence of a positive relationship between these indicators follows from general theoretical considerations. We considered the hypothesis that labor productivity is a power function of the capital ratio, adjusted for a multiplier, the value of which is determined by the level of unemployment and reflects the associated changes in the efficiency of capital use. Parameters of the corresponding regression equation built on the basis of the official Russian statistics for 1996-2018 years were determined. Based on the calculations, an approximate estimate of the impact of changes in labor productivity depending on fluctuations in the unemployment rate is given. In addition, we propose a modification of the Cobb-Douglas production function that follows from the considered labor efficiency model, which is also used for calculations.