Productivity

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The ratio of output (goods and services) produced per unit of input (productive resources) over some period of time.

"The main reason U.S. farmers and manufacturing workers are more productive, and their real wages higher, than those of most other industrial nations is that America has one of the highest ratios of capital to worker in the world. Even Americans working in the service sector are highly paid relative to workers in other nations as a result of the capital they work with." [1]

Labor productivity

See also: Labor productivity

According to the U.S. Labor Bureau of Statistics, Labor productivity is a measure of economic performance that compares the amount of output with the amount of labor used to produce that output."[2]

Investopedia says about the importance of labor productivity to an economy, "Labor productivity is largely driven by investment in capital, technological progress, and human capital development. Labor productivity is directly linked to improved standards of living in the form of higher consumption. As an economy's labor productivity grows, it produces more goods and services for the same amount of relative work. This increase in output makes it possible to consume more of the goods and services for an increasingly reasonable price."[3]

According to Yahoo Finance: "Efficiency in production, also coined as productivity, is one of the major driving forces behind economic resilience in a country."[4]

Investopedia indicates: "Education tends to raise productivity and creativity, as well as stimulate entrepreneurship and technological breakthroughs. All of these factors lead to greater output and economic growth."[5]

The Organisation for Economic Co-operation and Development states concerning labor productivity: "Labour productivity is a key precondition for high growth of output, employment and wages and central to long-term growth in living standards."[6]

In an economy, one of the causes of wage raises is an increase in marginal labor productivity rates.[7]

Productivity quotes

“Productivity is being able to do things that you were never able to do before.” – Franz Kafka

“Productivity is never an accident. It is always the result of a commitment to excellence, intelligent planning, and focused effort.” – Paul J. Meyer

“Don’t confuse activity with productivity. Many people are simply busy being busy.” – Robin Sharma

“What looks like multitasking is really switching back and forth between multiple tasks, which reduces productivity and increases mistakes by up to 50 percent.” – Susan Cain

“Productivity is the deliberate, strategic investment of your time, talent, intelligence, energy, resources, and opportunities in a manner calculated to move you measurably closer to meaningful goals.” – Dan S. Kennedy

“Over the long run, the unglamorous habit of frequency fosters both productivity and creativity.” – Gretchen Rubin

“Knowledge is the source of wealth. Applied to tasks we already know, it becomes productivity. Applied to tasks that are new, it becomes innovation.” – Peter Drucker

“Don’t worry about breaks every 20 minutes ruining your focus on a task. Contrary to what I might have guessed, taking regular breaks from mental tasks actually improves your creativity and productivity. Skipping breaks, on the other hand, leads to stress and fatigue.” – Tom Rath

“I do not equate productivity to happiness. For most people, happiness in life is a massive amount of achievement plus a massive amount of appreciation. And you need both of those things.” – Tim Ferriss

“Creativity isn’t about wild talent as much as it’s about productivity. To find new ideas that work, you need to try a lot that don’t. It’s a pure numbers game.” – Robert Sutton

“The really happy people are those who have broken the chains of procrastination, those who find satisfaction in doing the job at hand. They’re full of eagerness, zest, and productivity. You can be, too.” – Norman Vincent Peale

“The least productive people are usually the ones who are most in favor of holding meetings.” – Thomas Sowell

“Improved productivity means less human sweat, not more.” – Henry Ford

“Stressing output is the key to improving productivity, while looking to increase activity can result in just the opposite.” – Paul Gauguin

“All our productivity, leverage, and insight comes from being part of a community, not apart from it. The goal, I think, is to figure out how to become more dependent, not less.” – Seth Godin

"Productivity is not about getting everything done, rather it is about getting things done effectively." – Brianna Gray

Other productivity quotes

See also

External links

YouTube channels on productivity:

  • Thomas Frank, Popular YouTube channel on productivity with about 3 million subscribers

Notes

  1. Capital Gains Taxes
  2. Productivity 101, U.S. Labor Bureau of Statistics
  3. Labor Productivity: What It Is, How to Calculate & Improve It, Investopedia
  4. 25 Most Productive Countries Per Capita, Yahoo Finance
  5. How Education and Training Affect the Economy
  6. How does Russia compare?, Organisation for Economic Co-operation and Development
  7. 30 Best Basic Economics Quotes With Image