Word: man-hours
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...symptoms have been visible for decades. In the past 50 years, agriculture has advanced faster and farther in the U.S. than in any other country in the entire previous history of the world. Today, one man-hour of farm labor yields more than five times as much food as it did in 1920. Crop production is 70% higher per acre; output per breeding animal has doubled. The productivity of the U.S. farm worker has shot up 7.7% since the 1950s, compared with only a 2.8% rise for industrial workers. The farm worker who fed twelve people in 1945 feeds...
...since the Roaring Twenties, when production per man-hour rose 5.3% yearly, has there been such a sustained rise in the productivity of the U.S. economy. While manufacturing productivity from 1947 to 1962 increased only 2.9% a year on the average, it has jumped more than 4% in each of the past two years. Last week the Department of Commerce reported that the gain will be 4.3% this year. "Most impressive," said Walter Heller, chief economist for the President...
HONESTUS: In this context, productivity means output per man-hour. If a given number of steelworkers produce 5% more steel this year than they did last year, with no change in the time spent on the job, it is said that their productivity has increased by 5%. Changes in productivity provide a way of gauging the efficiency of an economic unit-a company, an industry, or the entire national economy. For the U.S. economy as a whole over the past half-century, the productivity gain has averaged about 2.5% a year...
...There is more to measuring productivity than the one element of output per man-hour. What about the capital invested in more efficient equipment? What about the research which produced better production processes and the know-how which made available higher quality materials? What about the input of management, which directed and contributed to all of this effort...
...union, prior to the Wagner Act in 1935, constant-dollar wages showed a slightly larger percentage increase (from 53? to $1.13 an hour: 114%) than in the 25 years since ($1.13 to $2.20: 95%), when the powerful industrial union has come into its own. Since 1900 the output per man-hour in U.S. manufacturing has risen at an average annual rate of 2%-3% a year. Wage gains over the same 60 years have been well above 2.5% a year, except in the deepest troughs when more than 9% of the nation's nonfarm workers were unemployed. Thus, Bowen...