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)
“The wind of change is blowing through the continent. Whether we like it or not, this growth of national consciousness is a political fact.”
—Harold MacMillan (1894–1986)
“Fruits are acceptable gifts, because they are the flower of commodities, and admit of fantastic values being attached to them. If a man should send to me to come a hundred miles to visit him, and should set before me a basket of fine summer-fruit, I should think there was some proportion between the labor and the reward.”
—Ralph Waldo Emerson (1803–1882)
“He’ll fear not what men say,
He’ll labour night and day
To be a Pilgrim.”
—John Bunyan (1628–1688)