Productivity is the economist's favorite and often confusingterm 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 growand a major issue...
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