Dear John,
There are different kinds of productivity relating to capital and
labour, though it is the latter that is usually referred to. It
can be measured in physical quantities such number of cars
produced in a period compared to the workforce. More often it is
put in monetary values (in constant prices) output compared to
wages and salaries or in terms of time worked. Money being the
common and imperfect measure of adding and comparing different
activities. Productivity varies across industry and services. It is
important
to distinguish between an efficiency measure and the outcome:
growth (the rate at which it is increasing) and output (GDP). So
growth may be higher and output lower at the same time. The UK has
suffered from low productivity in industry and underinvestment
historically. In terms of services they are a mixed bag from low-wage
catering to high quality (of course!) statistical services and the high
income financial sectors. I did discuss this about ten years ago in
Radical Statistics 61, Winter 1995, which is available from the
RADSTATS
website.
I hope this helps.
Best wishes.
Andrew Philpott Morgan
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