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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: MythMan who wrote (254523)8/7/2003 8:53:16 AM
From: Les H  Read Replies (2) of 436258
 
Productivity excludes about 50 percent of the economy.

"The output measure excludes the following outputs from GDP: general government; nonprofit institutions; employees of private households; the rental value of owner-occupied dwellings; unincorporated business; and those corporations which are depository institutions, nondepository institutions, security and commodity brokers, insurance carriers, regulated investment offices, small business investment offices, and real estate investment trusts."

Noting once again that the Feds consider "rental value of owner-occupied dwellings" as personal income to be spent. Without considering how much debt is incurred in producing output, labor productivity probably measures the rate of inflation. The higher the output per unit labor, the likelihood is that it requires a higher level of debt generated by both the government and the private sector.
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