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Productivity and Wages

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  • Edward P Lazear

Abstract

The United States' output per capita is approximately 30 percent higher than in the developed European countries and Japan, and its productivity growth is among the highest in the world. Much of this record has been due to an environment that fosters growth in human and physical capital and innovation. Maintaining and enhancing this environment is key to the growth we need for our future. Flexibility in the labor force, fostering entrepreneurship, and high levels of education are major contributors to U.S. productivity increases, which have been tracked closely by growth of compensation. Future productivity growth will depend largely on incentives for investment in physical and human capital by appropriate tax policies, continuing a free flow of trade and foreign investment, and making sure that young Americans have the skills necessary to compete in the global economy.Business Economics (2006) 41, 39–45; doi:10.2145/20060405

Suggested Citation

  • Edward P Lazear, 2006. "Productivity and Wages," Business Economics, Palgrave Macmillan;National Association for Business Economics, vol. 41(4), pages 39-45, October.
    • Handle: RePEc:pal:buseco:v:41:y:2006:i:4:p:39-45
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    Cited by:

    1. Thomas Habanabakize & Daniel Francois Meyer & Judit Oláh, 2019. "The Impact of Productivity, Investment and Real Wages on Employment Absorption Rate in South Africa," Social Sciences, MDPI, vol. 8(12), pages 1-15, December.
    2. Taylor, John B., 2008. "A review of the productivity resurgence," Journal of Policy Modeling, Elsevier, vol. 30(4), pages 619-626.
    3. Nils Gottfries, 2018. "The labor market in Sweden since the 1990s," IZA World of Labor, Institute of Labor Economics (IZA), pages 411-411, July.
    4. Thomas A. Garrett, 2010. "U.S. income inequality: it’s not so bad," Inside the Vault, Federal Reserve Bank of St. Louis, issue Spring.
    5. Paulo Aguiar do Monte, 2019. "Effort Level by Firm Size in a Developing Country," The Indian Journal of Labour Economics, Springer;The Indian Society of Labour Economics (ISLE), vol. 62(1), pages 73-87, March.

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