CONFUSA: The more I listen to the steel debate, the less I seem to understand. At his press conference last week, President Kennedy spoke of holding wage increases "within the confines of productivity gains." What does he mean by productivity?
HONESTUS: In this context, productivity means output per man-hour. If a given number of steelworkers produce 5% more steel this year than they did last year, with no change in the time spent on the job, it is said that their productivity has increased by 5%. Changes in productivity provide a way of gauging the efficiency of an economic unit—a company, an...
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