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Unformatted text preview: an increase in productivity (the amount of product produced by each unit of capital or labor) Labor Productivity Labor productivity refers to the output per worker; the amount of ouput produced by an average worker in one hour. Economic growth from an increase in labor -- more output but diminishing returns and lower labor productivity see Table 19.1 on page 406 in the textbook Employment, labor force and population growth, 1947 to 1997 see Table 19.2 on page 407 in the textbook Economic growth from an increase in capital -- more output, diminishing returns to added capital, higher measured labor productivity see Table 19.3 on page 408 in the textbook...
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This note was uploaded on 02/21/2008 for the course ECON 4.3 taught by Professor Fox during the Spring '99 term at Pennsylvania State University, University Park.
- Spring '99