blog.
Productivity or Greece?
Productivity is a very complex topic and even among experts it is difficult to exact a prescription to improve productivity. In its simplest form, productivity measures the efficiency of production. It is the ratio of production output to what is required (inputs) to produce the output. In terms of economic growth, governments look at productivity as the product of labour based on the average number of hours each employed person works and the proportion of the entire population that is employed. Labour productivity drives living standards. However, just because a person is employed does not mean that they are productive.