I was pleased to see the FT Big Read: Labour in Tuesday’s print edition of the U.S. Financial Times. The subtle was ‘The Waiting Game‘ and in a nutshell it was vindication of my blog of May 15 – see “US Productivity grew by more than 16% in the last quarter, up from 11% in previous – newspaper headlines, April 28th, 2020“.
With current lackluster productivity growth, our overall standard of living is under threat. Or more precisely, we cannot and should not expect to see our standard of living continue to improve unless we can see our productivity improve.
The article looks into the various drivers of productivity from capital investment (flat or falling) to labor and demographics (less and less in our favor) as well as policy (inherently preventive rather than encouraging). Overall it’s a bleak picture.
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