Title

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