Total factor productivity

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Why do you think that increases in total factor productivity are important for a country as a whole? What about for an individual in particular?

Data Source

The Bureau of Labor Statistics: http://data.bls.gov/PDQ/outside.jsp?survey=pr. To reproduce (and expand) Table 3.2: Select “nonfarm business” for sector, then “real hourly compensation” (real wages) and “Labor productivity (output per hour)” for measures, and finally “percentage change from same quarter a year ago” for duration. When done, click “get data.”

Related Article

Greenspan, Alan, “The Revolution in Information Technology”: http://www.federalreserve.gov/boarddocs/speeches/2000/20000306.htm. In this speech, Greenspan points out the implications of the revolution in information technology for the U.S. economy.

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