Productivity
Document Type
Book Chapter
Publication Date
2008
Publisher
Liberty Fund, Inc.
Abstract
The growth of productivity—output per unit of input—is the fundamental determinant of the growth of a country’s material standard of living. The most commonly cited measures are output per worker and output per hour—measures of labor productivity. One cannot have sustained growth in output per person—the most general measure of a country’s material standard of living—without sustained growth in output per worker.
Chapter of
Concise Encyclopedia of Economics
Editor
David Henderson
Recommended Citation
Field, Alexander J. 2008. “Productivity”, in Concise Encyclopedia of Economics, David Henderson, ed. Liberty Fund, pp. 417-19.
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