What is productivity, exactly, and why does it matter?
As the economy slips and slides through pandemics, wars, inflation, wage stagnation and other calamities, a certain word keeps popping up: productivity.
If you look it up in the dictionary, the definition is, “the state or quality of being productive,” which isn’t especially helpful to understanding what it means when you’re talking about the economy.
Does it mean working harder to get more stuff done? Does it mean cramming more work into your day so you are seen as being more productive so your boss gives you more money?
Today on Please Explain, senior economics correspondent Shane Wright joins Nathanael Cooper to get to the bottom of what productivity is, and what it’s important.
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