I don't know much about the subject. How do we measure productivity? What units do we use?
I ask because it _feels_ like everything has changed since 1973 at least. So I'm curious where my intuition differs from reality.
I ask because it _feels_ like everything has changed since 1973 at least. So I'm curious where my intuition differs from reality.
Productivity as typically reported is a statistic called "Total Factor Productivity" (TFP).
Here's how it's calculated: https://en.wikipedia.org/wiki/Total_factor_productivity#Calc...
> What units do we use?
TFP is unitless.