I was listening to some political pundit banging on about increasing productivity across different industries.
And something like a factory, I can see it: the more widgets you make, the more productive you are. Or how many sales you make in a call centre or on the retail floor. But how are you measuring the productivity of, say, a therapist, or a bus driver, or a teacher?
In: 7
Usually when economists are discussing productivity, they’re referring to the measure GDP divided by labor hours. So, for a therapist it’s client billings per hour of therapist’s time, for a bus driver it’s passenger revenues, for a teacher it’s pro rata tuition or the share of property taxes spent on education assigned to them.
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