Why The Productivity Growth Is Attached To Labour
The Solow residual measures total factor productivity, but is normally attached to the labour variable in the macroeconomy because return on investment doesn't seem to change very much in time or between developing nations, and developed nations—not nearly as much as human productivity seems to change, anyway.
Read more about this topic: Solow Residual
Famous quotes containing the words productivity, growth, attached and/or labour:
“It is ultimately in employers’ best interests to have their employees’ families functioning smoothly. In the long run, children who misbehave because they are inadequately supervised or marital partners who disapprove of their spouse’s work situation are productivity problems. Just as work affects parents and children, parents and children affect the workplace by influencing the employed parents’ morale, absenteeism, and productivity.”
—Ann C. Crouter (20th century)
“Next to the right of liberty, the right of property is the most important individual right guaranteed by the Constitution and the one which, united with that of personal liberty, has contributed more to the growth of civilization than any other institution established by the human race.”
—William Howard Taft (1857–1930)
“We saw a pair of moose-horns on the shore, and I asked Joe if a moose had shed them; but he said there was a head attached to them, and I knew that they did not shed their heads more than once in their lives.”
—Henry David Thoreau (1817–1862)
“The days of our years are threescore years and ten; and if by reason of strength they be fourscore years, yet is their strength labour and sorrow; for it is soon cut off, and we fly away.”
—Bible: Hebrew Psalms 90:10.
The Book of Common Prayer (1662)