The efficiency of the U.S. economy is affected by productivity. According to Miller, “if everything else remains constant, improvements in labor productivity ultimately lead to economic growth and higher living standards” (192). The subject of labor productivity and costs interests me because of how changes in labor productivity affect the overall economy.
The U.S. Bureau of Labor Statistics attributes advances in productivity – the ability to produce more with the same or less output to the overall increase in production efficiency, therefore increased productivity is positive for the economy as a whole. By recording statistics of increases/decreases in productivity by industry, the Bureau of Labor Statistics tracks each industry’s effectiveness. The BLS measures productivity by comparing the amount of goods and services produced with the inputs which were used in production (U.S. Bureau of Labor Statistics). The website features data measuring Major Sector Productivity and Industry Productivity. Through the Major Sector Productivity program, the BLS measures the business sector, the nonfarm business sector, nonfinancial corporations, manufacturing, and subsectors of durable and non-durable goods manufacturing. This data is reported …show more content…
I would be concerned with how a specific sector or industry has increased or decreased in productivity and why. Examining the data further may lead to other factors, such as the effect innovation has on the growth of the industry, and if the history of growth suggests that there are other aspects to consider. Ultimately, I seek a career that affords me the opportunity for a higher standard of living while also improving the lives of those around me. This research provides critical data and analysis to assess a particular industry’s productivity and its future influence on the U.S.
The U.S. Bureau of Labor Statistics attributes advances in productivity – the ability to produce more with the same or less output to the overall increase in production efficiency, therefore increased productivity is positive for the economy as a whole. By recording statistics of increases/decreases in productivity by industry, the Bureau of Labor Statistics tracks each industry’s effectiveness. The BLS measures productivity by comparing the amount of goods and services produced with the inputs which were used in production (U.S. Bureau of Labor Statistics). The website features data measuring Major Sector Productivity and Industry Productivity. Through the Major Sector Productivity program, the BLS measures the business sector, the nonfarm business sector, nonfinancial corporations, manufacturing, and subsectors of durable and non-durable goods manufacturing. This data is reported …show more content…
I would be concerned with how a specific sector or industry has increased or decreased in productivity and why. Examining the data further may lead to other factors, such as the effect innovation has on the growth of the industry, and if the history of growth suggests that there are other aspects to consider. Ultimately, I seek a career that affords me the opportunity for a higher standard of living while also improving the lives of those around me. This research provides critical data and analysis to assess a particular industry’s productivity and its future influence on the U.S.