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by Majromax
2491 days ago
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Unfortunately, the mid-noughts vintage of this page is showing. After about 2010, productivity growth has not kept up with the page's 1.7% estimate (https://fred.stlouisfed.org/graph/fredgraph.png?g=oGgn). Also, this page neglects the influence of heterogeneous productivity changes. Some fields don't experience the same kind of productivity growth that we've seen in manufacturing (and services aided by technology); for example a doctor now is not seeing four times as many patients as a doctor in 1940. A barber now is not cutting the hair of four people at once. You can't productivity-gain your way out of the costs of dedicated attention from individuals. |
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