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'... Thus, even as academic economists debate whether productivity is rising by 1.75% or 2% per year, "New Era" companies--that is, those using new technologies to raise productivity--are pushing productivity through the roof. For example, Amazon.com sold $375,000 worth of books per employee in 1998, while their closest competitor, Barnes & Noble, sold just $100,000. Amazon accomplished this 275% increase in productivity in three years--an average annual increase of 55%. More broadly, the explosion of online possibilities has radically increased the value of computers even as their price has fallen. When prices fall, but value rises, by definition productivity is increasing....
Source:WSJ |
