I have to say I am in agreement with Ross Gittins. However I am getting ahead of myself. It is very hard to measure productivity. how do you measure productivity for teachers, nurses or any white collar job.
Productivity always depends on capitalists. They invest workers do not!
Thus if you want to boost productivity you surely must do two things. ( For Flying High fans do not call me shirley!)
They are:
- ensure you have competitive industries. Competition ensures higher productivity because companies are always looking for a competitive advantage ( in a Michael Porter way)
- As Ross Gittins says ensure wages are rising strongly. Only boosting productivity will ensure profits are not hit badly in some cases and continue to rise in most cases.
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