Nation: A Dialogue On Steel

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...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!