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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: RealMuLan who wrote (14418)10/31/2004 10:46:06 PM
From: GraceZ  Read Replies (1) of 116555
 
It is incorrect to say rising productivity creates jobs. What is correct to say is that it creates higher income, on average. If the average worker in country X has five times the average income of workers in country Y, it is safe to say that given the capital, education, raw materials, intellectual property, infrastructure available to workers in country A they are, on average, five times as productive as workers in country B.

Rising incomes and increasing wealth are the natural outcomes of rising productivity. This is a basic economic truth and the reason behind why one country is poor while another is wealthy, differences in productivity.
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