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Updated: June 17, 2025
The result of this is a serious fall in the productivity of labor, and a steady flow of skilled and unskilled workmen from the towns towards the villages, and from employments the exercise of which tends to assist the towns in recovering their old position as essential sources of supply to employments that tend to have the opposite effect.
To sum, though financial and human resources as well as content may have remained scarce the quantity of intellectual property goods is potentially infinite because they are essentially cost-free to reproduce. Plummeting production costs also translate to enhanced productivity and wealth formation. It looked like a virtuous cycle. But the abolition of scarcity implied the abolition of value.
This part of growth, commonly labelled "multi-factor productivity, represents improvements in the efficiency of production. It is usually seen as the result of innovation by best-practice firms, technological catch-up by other firms, and reallocation of resources across firms and industries." The study analyzed the entire OECD area.
It will strive also to build a better public understanding of the conditions necessary for maintaining growth and price stability. Studies are being undertaken to improve our information on prices, wages, and productivity. I believe all citizens in all walks of life will support this program of action to accelerate economic growth and promote price stability.
My mind was in a condition of tantalizing productivity and I felt vaguely that I ought to be writing books instead of pitching grain. Conceptions for stories began to rise from the subconscious deeps of my thought like bubbles, noiseless and swift and still I did not realize that I had entered upon a new career. At night or on Sunday I continued my conferences with father and mother.
And what is true as to the possibility of paying high wages in the case of two companies competing close beside one another is also true as to whole districts of the country and even as to nations which are in competition. In a word, that maximum prosperity can exist only as the result of maximum productivity.
An agricultural people, employing merely the primitive methods of agriculture, has always a strong tendency to widen its borders. The natural increase of population demands a constantly increasing production of grain, whilst the primitive methods of cultivation exhaust the soil and steadily diminish its productivity.
Historically, our superior technology and high productivity have made it possible for American workers to be the highest paid in the world by far, and yet for our goods still to compete in world markets. Now we face a new situation.
The Reclamation Act set aside the proceeds of the sale of public lands for the purpose of reclaiming the waste areas of the arid West. Lands otherwise worthless were to be irrigated and in those new regions of agricultural productivity homes were to be established.
Perhaps the railroads are not to be blamed for this decrease in productivity a passing phase of our agricultural life, as recent crop reports show. They are very loudly blamed that they do not carry these products fast enough or cheaply enough, though, according to a recent authority, their rates are less on the average than the cost of the French water traffic.
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