ECONOMICS Productivity: do we understand it at all?*

Productivity is widely discussed in the media, though rarely to useful purpose. The nature of these discussions – even among those in the business media – mostly reveals a widespread misunderstanding of the subject. Ann Pettifor The same is true for the business community itself. Business spokes-people never make clear (either because they don’t understand or prefer not to understand) the differences between productivity within a company, within an industry or within a …

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