STATE OF BUSINESS: A Key to Growth

Productivity is the economist's favorite —and often confusing—term to describe the amount of work a man does in an hour. What makes it misleading, and makes much exhortation on the subject so irrelevant, is the fact that the real increases in productivity often come not just from a man's working harder but from the use of laborsaving machinery and systems that help him to do his job better and faster. Such devices usually require fewer men, but often better skilled ones. Productivity thus is one of the key methods of gauging the economy's ability to grow—and a major issue...

Want the full story?

Subscribe Now

Subscribe
Subscribe

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 TIME.com

Learn more about the benefits of being a TIME subscriber

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