The productivity problem: Are we measuring the right things?
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The productivity report out today had some pretty dismal numbers. Nonfarm productivity was up in the fourth quarter by a 1.3 percent annual rate; average growth in 2016 fell to 0.2 percent. Productivity has now grown less than 1 percent for the past six consecutive years. What might help explain this? Are we measuring the right things in the right way? Does this figure account for social media, for example, that may be driving consumer behavior but not impacting work/labor/enterprises in a way that we can measure easily?
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