Difference between revisions of "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 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] | ||
Revision as of 09:58, March 3, 2024
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]