This paper states that while productivity is critical to economic success, it is very difficult to clearly, universally and accurately define or measure. It also concludes that macroeconomic factors may play a major role in productivity.
Written in 1992; 2,250 words; 4 sources; $ 79.95
From the Paper:
"Productivity is critical to economic success. It is comparable in importance as an economic factor to employment rates, prices, and gross national product. It is also a key element in economic competitiveness. As such, productivity must be taken into account in assessing the health and prospects of any nation's economy. Nobel Prize-winning economist Milton Friedman has said that "Nothing is more important for the long-run economic welfare of a country than improving productivity"..
Because productivity is so important to economic measurement, it is necessary to define it precisely. Unless we can agree on what productivity is and how we should measure it, it is difficult, if not impossible, to predict, control, and evaluate it. Both public and private analysts need precise definitions and measurements of productivity in order to make..."
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