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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: pater tenebrarum who wrote (18528)9/15/2000 1:19:32 AM
From: XBrit  Read Replies (1) of 436258
 
Great article in the latest Economist... check out the discussion of productivity in Europe vs USA

...the gap between
America’s and Europe’s productivity growth is narrower than
is usually supposed. Chart 2 looks at various measures of
growth over the 1990s. By taking the whole decade rather than
just the past couple of years, it strips out some of the
distortions caused by the business cycle. The figures show
that although America’s GDP grew much faster than the euro
area’s during the 1990s, the gap in growth of GDP per
person—a better measure of living standards—was smaller.
Labour-productivity growth (allowing for hours worked)
during the decade was almost identical in America and the euro
area, and total factor productivity growth (a measure of the
efficiency with which both labour and capital are used) was
actually slightly faster in the euro area, despite all the recent
hoo-ha about America’s productivity miracle.

It is true that America’s productivity growth has spurted,
relative to Europe’s, since the mid-1990s. But for the decade
as a whole one has to conclude that productivity growth, as
officially measured, was no more rapid in America than in
Europe. Take account also of the fact that European statistics
tend to understate growth, and Europe outperformed America
for most of the decade.

economist.com
economist.com
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