Factors Influencing Changes in Productivity

R. M. Marshall

Chapter 4 in Economics in the Long View, 1982, pp 83-104 from Palgrave Macmillan

Abstract: Abstract Productivity measures the use of economic resources and is, therefore, a major index of economic welfare for individuals and the nation. The rate of productivity growth over the long run determines economic growth and makes possible improvements in living conditions and the attainment of national objectives. A slow growth economy will have difficulty reconciling society’s desire for general economic progress and resolving domestic and international problems; slow growth will therefore cause internal political and social problems, because improvements for some groups must come at the expense of losses for others. The decomposition of society into competing groups attempting to improve their relative positions when the nation as a whole loses (as with OPEC price increases), can escalate inflationary pressures, further shrinking national wealth. Thus, our national prestige, competitiveness, security, and welfare depend heavily on the level and growth of productivity.

Keywords: Productivity Growth; Energy Price; Industrial Relation; Labour Productivity Growth; Productivity Decline (search for similar items in EconPapers)
Date: 1982
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DOI: 10.1007/978-1-349-06293-5_4

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