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Increasing national productivity can raise living standards because increase in income per capita improves people's ability to purchase goods and services, enjoy leisure, improve housing, and education and contribute to social and environmental programs. Productivity growth can also help businesses to be more profitable. [3]
The decoupling of median wages from productivity, sometimes known as the great decoupling, [1] is the gap between the growth rate of median wages and the growth rate of GDP per person or productivity. Erik Brynjolfsson and Andrew McAfee highlighted this problem toward the end of the twentieth century and the beginning of the twenty-first ...
Agricultural productivity released labor at a time when manufacturing was growing. Manufacturing productivity growth peaked with factory electrification and automation, but still remains significant. However, as the relative size of the manufacturing sector shrank the government and service sectors, which have low productivity growth, grew. [127]
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Baumol referred to the difference in productivity growth between economic sectors as unbalanced growth. Sectors can be differentiated by productivity growth as progressive or non-progressive. The resulting transition to a post-industrial society, i.e. an economy where most workers are employed in the tertiary sector, is called tertiarization.
where p is the labor productivity growth, Q the output growth (value-added), b is the Verdoorn coefficient and a is the exogenous productivity growth rate. [ 6 ] Verdoorn's law differs from "the usual hypothesis […] that the growth of productivity is mainly to be explained by the progress of knowledge in science and technology", [ 7 ] as it ...
Business leaders have a productivity problem. When it comes to measuring worker performance, organizations have usually relied on traditional productivity metrics to judge the success of an employee.
The Solow growth model is a model of economic development into which the Solow residual can be added exogenously to allow predictions of GDP growth at differing levels of productivity growth. The Balassa–Samuelson effect describes the effect of variable Solow residuals: it assumes that mass-produced traded goods have a higher residual than ...