There Is No Such Thing as Too Much Productivity

There Is No Such Thing as Too Much Productivity - There Is...

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There Is No Such Thing as Too Much Productivity An editor e-mailed the other day with one of those questions that editors ask to drive reporters crazy. "Isn't it possible," he wondered, "to have too much productivity growth?" Sure, I said to myself, and it's possible to have too much money. Trust me, I told him. Growth in productivity, the amount of goods and services we make for each hour of work, is unambiguously good. It's the reason that we have more than our grandparents did without working more hours. I plucked my favorite quote on the subject from memory. " Productivity isn't everything, but in the long run it is almost everything," Princeton economist Paul Krugman wrote in a 1992 book in which he -- incorrectly, it turned out -- warned that the U.S. was doomed to distressingly slow productivity growth. "A country's ability to improve its standard of living over time depends almost entirely on its ability to raise its output per worker." World War II vets came home to an economy that doubled its productivity over the next 25 years; they lived better than their parents ever imagined. "Vietnam War vets came home to an economy that raised its productivity less than 10% in 15 years; as a result, they found themselves living no better -- and in many
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This note was uploaded on 02/19/2010 for the course ECONOMICS 009031 taught by Professor Dr.tran during the Spring '10 term at Punjab Engineering College.

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There Is No Such Thing as Too Much Productivity - There Is...

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