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Line 1: − [[File:512px-Solomon and the Plan for the Temple.jpg|thumbnail|right|200px|"Do you see a man [[skill]]ful in his work? He will stand before kings; he will not stand before obscure men.' - King [[Solomon]] (Proverbs 22:29)]]+ − + Line 7:
Line 7: − − 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> − + + + + Line 20:
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According to 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>
According to 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>
[[File:Number of Hours An Average Workers Needs To Purchase A Median Price Home.PNG|center|thumb|650px|Since 1963, the amount of hours required to purchase a home in the [[United States]] for the average worker have doubled.<ref>https://davidstockman.substack.com/p/the-housing-affordability-trapwhy-7a6</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>
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>
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>
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>
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>
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>
== How an economy or company/organization can improve its labor productivity ==
== How an economy or company/organization can improve its labor productivity ==
[[File:Latin America (orthographic projection).svg|thumbnail|200px|right|Many [[Latin America]]n [[middle-income countries]] haven't become high-income countries and have half the labor productivity of countries that are technological leaders.<ref>[https://www.brookings.edu/articles/is-economic-growth-in-middle-income-countries-different-from-low-income-countries/ Is economic growth in middle-income countries different from low-income countries?] by Barry Eichengreen, Donghyun Park, and Kwanho Shin, [[Brookings Institute]], September 25, 2017</ref><ref>[https://www.econ.cam.ac.uk/research-files/repec/cam/pdf/cwpe2267.pdf Is Southeast Asia falling into a Latin American style “middle-income trap”?], Cambridge Working Papers in Economics, CWPE 2267. Published 9 November 2022. Website www.econ.cam.ac.uk/cwpe</ref>
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<br />
See: [[Middle-income trap]] ]]
*[https://www.investopedia.com/terms/l/labor-productivity.asp Labor Productivity: What It Is, How to Calculate & Improve It], Investopedia
*[https://www.investopedia.com/terms/l/labor-productivity.asp Labor Productivity: What It Is, How to Calculate & Improve It], Investopedia
*[https://www.investopedia.com/ask/answers/031815/what-determines-labor-productivity.asp What Determines Labor Productivity?], Investopedia
*[https://www.investopedia.com/ask/answers/031815/what-determines-labor-productivity.asp What Determines Labor Productivity?], Investopedia
== Happiness and labor productivity ==
== Happiness and labor productivity ==
''See also:'' [[Happiness]]
''See also:'' [[Happiness]] and [[Happiness and health]]
Fast Company's article ''Research shows happiness is the new performance indicator. This is how managers can support it'' indicates: "The Saïd Business School study Does Happiness Improve Worker Productivity? found that happiness can have a significant impact on productivity. Results showed that happier workers were 12% more productive than their unhappy counterparts."<ref>[https://www.fastcompany.com/90891844/research-happiness-new-performance-indicator#:~:text=The%20Sa%C3%AFd%20Business%20School%20study,productive%20than%20their%20unhappy%20counterparts. ''Research shows happiness is the new performance indicator. This is how managers can support it'']</ref>
Fast Company's article ''Research shows happiness is the new performance indicator. This is how managers can support it'' indicates: "The Saïd Business School study Does Happiness Improve Worker Productivity? found that happiness can have a significant impact on productivity. Results showed that happier workers were 12% more productive than their unhappy counterparts." (See also: ''[https://www.journals.uchicago.edu/doi/abs/10.1086/681096 Happiness and Productivity]'', ''Journal of Labor Economics'', Volume 33, Number 4).<ref>[https://www.fastcompany.com/90891844/research-happiness-new-performance-indicator#:~:text=The%20Sa%C3%AFd%20Business%20School%20study,productive%20than%20their%20unhappy%20counterparts. ''Research shows happiness is the new performance indicator. This is how managers can support it'']</ref>
== Labor productivity of the United States ==
== Labor productivity of the United States ==
<br />
<br />
As can be seen in the map above, the USA has one of the highest labor productivity rates in the world.<ref>[https://worldpopulationreview.com/country-rankings/most-productive-countries Most Productive Countries 2024]</ref>]]
As can be seen in the map above, the USA has one of the highest labor productivity rates in the world.<ref>[https://worldpopulationreview.com/country-rankings/most-productive-countries Most Productive Countries 2024]</ref>]]
==== USA's Nonfarm labor productivity 1947 to 2024 ====
[[File:USA Nonfarm labor productivity 1947 to 2024.png|thumbnail|1250px|center|USA's Nonfarm labor productivity 1947 to 2024<ref>[https://tradingeconomics.com/united-states/productivity#:~:text=Productivity%20in%20the%20United%20States%20averaged%2060.18%20points%20from%201947,U.S.%20Bureau%20of%20Labor%20Statistics USA Nonfarm labor productivity 1947 to 2024]</ref>]]
== See also ==
== See also ==
== External links ==
== External links ==
*[https://www.investopedia.com/ask/answers/031815/what-determines-labor-productivity.asp What Determines Labor Productivity?], Investopedia
*[https://www.enterprise-development.org/what-works-and-why/evidence-framework/increased-productivity-creates-economic-growth/#:~:text=Increases%20in%20productivity%20allow%20firms,generate%20higher%20Gross%20Domestic%20Product. Increased productivity creates economic growth], Donor Committee for Enterprise Development website
*[https://www.enterprise-development.org/what-works-and-why/evidence-framework/increased-productivity-creates-economic-growth/#:~:text=Increases%20in%20productivity%20allow%20firms,generate%20higher%20Gross%20Domestic%20Product. Increased productivity creates economic growth], Donor Committee for Enterprise Development website
*[https://www.forbes.com/sites/billconerly/2024/02/01/strategies-for-improving-labor-productivity-through-employee-training/ Strategies For Improving Labor Productivity Through Employee Training], Forbes
*[https://www.l2l.com/blog/your-labor-force-is-holding-you-back#:~:text=Solving%20the%20labor%20crisis%20starts%20with%20your,enhance%20productivity%20but%20also%20empower%20our%20workforce. Your Labor Force Is Holding You Back]
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