Trends in Productivity
The real story about U.S. real income is not about competitiveness but about productivity, Recall that productivity measures the output worker or per bundle of inputs. Real incomes in the United States stagnated until recently because productivity growth slowed and not because America became noncompetitive in the global marketplace.
The surest route to high productivity and therefore to high living standards is to open markets to trade, finance, and ideas from the most advanced countries and to allow vigorous competition with companies that have adopted the most advanced technologies.
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