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Chicago Fed Letter, No. 306, January 2013
Where Has All the Productivity Growth Gone?
The productivity of an economy is a measure of the efficiency with which that economy uses its resources—such as its labor and investments in capital—to produce valuable goods and services. Productivity is important because growth in the amount of goods and services produced for a given amount of labor and capital is the ultimate determinant of growth in living standards in an economy over time.
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