Productivity

Solow residual
Understanding the Solow residual in economic growth accounting, its importance, and applications.
Baumol’s law
The assertion that over time the size of the public sector will increase as a proportion of the economy, due to its relative labour intensity and inability to substitute capital for labor.
Classical Unemployment
Unemployment caused by wages being too high relative to productivity, leading to an inability of firms to profitably employ all available labor.
Factor-Augmenting Technical Progress
An in-depth look at the concept of factor-augmenting technical progress in economics, exploring its definition, historical context, and various analytical frameworks.
Green Revolution
Large improvements in agricultural productivity in less developed countries due to improved plant varieties and widespread use of fertilizers and pesticides.
Learning by Doing
The concept that productivity increases through practice and experience.
Output per Hour Worked
A measure of output per unit of labour input, used in comparing productivity.
Productivity
The amount of output per unit of input achieved by a firm, industry, or country.
Social Returns to Education
Externalities generated by the education of individuals that benefit society beyond individual wages.
Technical Progress
Improvement in knowledge about techniques for production, allowing for more output or efficiency.
Work Study
The study of working procedures with a view to improving their efficiency, safety, or comfort.
X-inefficiency
An examination of the failure of firms or organizations to achieve maximum possible efficiency with their inputs.