Contribution to Book
Document TypeBook Chapter
PublisherLiberty Fund, Inc.
AbstractThe growth of productivity—output per unit of input—is the fundamental determinant of the growth of a country’s material standard of living. The most commonly cited measures are output per worker and output per hour—measures of labor productivity. One cannot have sustained growth in output per person—the most general measure of a country’s material standard of living—without sustained growth in output per worker.
Chapter ofConcise Encyclopedia of Economics
Citation InformationField, Alexander J. 2008. “Productivity”, in Concise Encyclopedia of Economics, David Henderson, ed. Liberty Fund, pp. 417-19.