this post was submitted on 10 Mar 2024
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Europe faces ‘competitiveness crisis’ as US widens productivity gap [ft.com] (archive.ph)
submitted 8 months ago by [email protected] to c/[email protected]
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Original link https://www.ft.com/content/22089f01-8468-4905-8e36-fd35d2b2293e

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[–] [email protected] 0 points 8 months ago (1 children)

I'm economics, productivity just means labour hours divided by revenue. This has nothing to do with how hard, efficient or effective anybody works.

[–] [email protected] 0 points 8 months ago

On a national level, in macro-economics, productivity is GDP divided by total hours worked (for money).

I'd say that a high productivity generally means working less hard, because machines do the tough bits. A high productivity requires a very high skilled labor force, using a lot of machines and robots. It's by definition an efficient and effective use of labor, though one could ask pointed questions about environmental degradation.