Labor productivity
According 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."[1]
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."[2]
According to Yahoo Finance: "Efficiency in production, also coined as productivity, is one of the major driving forces behind economic resilience in a country."[3]
- ↑ Productivity 101, U.S. Labor Bureau of Statistics
- ↑ Labor Productivity: What It Is, How to Calculate & Improve It, Investopedia
- ↑ 25 Most Productive Countries Per Capita, Yahoo Finance