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The ratio of output ([[goods]] and services) produced per unit of input (productive resources) over some period of time..
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." [http://www.econlib.org/library/Enc/CapitalGainsTaxes.html]
"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." [http://www.econlib.org/library/Enc/CapitalGainsTaxes.html]
== Labor productivity ==
''See also:'' [[Labor productivity]]
According the U.S. Labor Bureau of Statistics, "'''Labor productivity''' is a measure of [[Economics|economic]] performance that compares the amount of output with the amount of labor used to produce that output."<ref>[https://www.bls.gov/k12/productivity-101/content/what-is-productivity/what-is-labor-productivity.htm Productivity 101], U.S. Labor Bureau of Statistics</ref>
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."<ref>[https://www.investopedia.com/terms/l/labor-productivity.asp Labor Productivity: What It Is, How to Calculate & Improve It], Investopedia</ref>
According to Yahoo Finance: "Efficiency in production, also coined as productivity, is one of the major driving forces behind economic resilience in a country."<ref>[https://finance.yahoo.com/news/25-most-productive-countries-per-185738034.html 25 Most Productive Countries Per Capita], Yahoo Finance</ref>
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."<ref>[https://www.investopedia.com/articles/economics/09/education-training-advantages.asp#:~:text=Education%20tends%20to%20raise%20productivity,greater%20output%20and%20economic%20growth. How Education and Training Affect the Economy]</ref>
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."<ref>[https://www.oecd.org/countries/russia/jobs-strategy-RUSSIA-EN.pdf How does Russia compare?], Organisation for Economic Co-operation and Development</ref>
In an economy, one of the causes of wage raises is an increase in marginal labor productivity rates.<ref>[https://web.archive.org/web/20230323210328/https://www.bookey.app/quote-book/basic-economics 30 Best Basic Economics Quotes With Image]</ref>
== See also ==
== See also ==