Why Productivity is Important

Productivity growth has played a key role in insuring higher real wages and in combating inflation over the last quarter of a century. These facts and others relating to productivity are documented as the relation of hourly compensation, productivity and unit labor costs is sketched, and the relatio...

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Bibliographic Details
Published in:Business economics (Cleveland, Ohio) Ohio), 1973-05, Vol.8 (3), p.28-31
Main Author: Moore, Geoffrey H.
Format: Article
Language:English
Subjects:
Capital costs
Economic growth
Economic inflation
Employment
Implicit costs
Inflation rates
Labor costs
Productivity
Productivity growth
Real wages
Total costs
Unit labor costs
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Summary:Productivity growth has played a key role in insuring higher real wages and in combating inflation over the last quarter of a century. These facts and others relating to productivity are documented as the relation of hourly compensation, productivity and unit labor costs is sketched, and the relation of the latter to total costs, prices and profits is outlined. Future real economic growth without inflation will depend on high rates of productivity growth.
ISSN:0007-666X
1554-432X