HOW PRODUCTIVITY IS DETERMINED

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HOW PRODUCTIVITY IS DETERMINED Although productivity is uniquely important in determining Robinson Crusoe’s standard of living, many factors determine Crusoe’s productivity. Crusoe will be better at catching instance has more fishing poles, if he has been trained in the best fishing techniques, if his island has a plentiful fish supply and if he invents a better fishing lure. […]

WHY PRODUCTIVITY IS SO IMPORTANT

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WHY PRODUCTIVITY IS SO IMPORTANT Let’s begin our study of productivity and economic growth by developing a simple based loosely on Daniel Defoe’s famous novel Robinson Crusoe. Robinson Crusoe, as you may recall, is a sailor stranded on a desert island. Because Crusoe lives alone, he catches his own fish, grows his own vegetables, and makes his own […]

PRODUCTIVITY ITS ROLE AND DETERMINANTS

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PRODUCTIVITY ITS ROLE AND DETERMINANTS Explaining the large variation in living standards around the world is, in one sense, very easy. As we will see, the explanation can be summarized in a single word-productivity. But in another sense, the international variation is deeply puzzling. To explain why incomes are so much higher in some countries than in others, […]

Production And Growth

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Production And Growth When you travel around the old you see tremendous variation in the standard of living. The average income in a rich country, such as the United States, Japan, or Gerinany, is more than ten times the average income in a poor country, such as India, Indonesia, or Nigeria. These large differences in income are reflected […]