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Productivity-improving technologies date back to antiquity, with rather slow progress until the late Middle Ages. Important examples of early to medieval European technology include the water wheel, the horse collar, the spinning wheel, the three-field system (after 1500 the four-field system—see crop rotation) and the blast furnace.
While the computing capacity of the U.S. increased a hundredfold in the 1970s and 1980s, [6] labor productivity growth slowed from over 3% in the 1960s to roughly 1% in the 1980s. This perceived paradox was popularized in the media by analysts such as Steven Roach and later Paul Strassman.
The accounting result is obtained by subtracting the weighted growth rates of the inputs from the growth rate of the output. In this case the accounting result is 0.015 which implies a productivity growth by 1.5%. We note that the productivity model reports a 1.4% productivity growth from the same production data.
It has been proposed that this is at least partially explained by the Baumol effect: even though there has been little or even negative productivity growth in the education sector, because of productivity increases across other sectors of the economy universities today would not be able to attract professors with 1980s-level salaries, so they ...
According to the law, faster growth in output increases productivity due to increasing returns. Verdoorn argued [4] that "in the long run a change in the volume of production, say about 10 per cent, tends to be associated with an average increase in labor productivity of 4.5 per cent." The Verdoorn coefficient close to 0.5 (0.484) is also found ...
Also in 2016, Quizlet launched "Quizlet Live", a real-time online matching game where teams compete to answer all 12 questions correctly without an incorrect answer along the way. [15] In 2017, Quizlet created a premium offering called "Quizlet Go" (later renamed "Quizlet Plus"), with additional features available for paid subscribers.
Reducing cycle time can lead to increased production efficiency and customer satisfaction. Capacity Utilization: This metric assesses how close you are to reaching your maximum production capacity. High utilization rates can indicate efficient use of resources, though they must be balanced to avoid overworking machinery or personnel.
Consider a positive but temporary shock to productivity. This momentarily increases the effectiveness of workers and capital, allowing a given level of capital and labor to produce more output. Individuals face two types of tradeoffs. One is the consumption-investment decision. Since productivity is higher, people have more output to consume.