Word: man-hours
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What the veto would do to the Government became a more immediate question. Reagan announced that all "nonessential" Government services would have to stop. The result was capricious. As a midday exodus of some 200,000 federal workers began, the Pentagon lost not a single man-hour of work. The National Zoo in Washington also remained open. But the President's press office stopped functioning, and 262 of 344 people who work for the White House went home. Outsiders trying to express an opinion on the President's action heard a recording that ended, "No one is here...
...Business investment in new plant and equipment, which is financed largely by savings deposited by individuals in banks and insurance companies or retained by companies out of their own profits, is dragging along at about 11%, a rate that satisfies no one. U.S. productivity, as measured by output per man-hour worked, is still the highest in the world. In 1979 the productivity of an American worker was still 13% higher than that of a West German, and 34% higher than that of a Japanese. But U.S. productivity growth has been slowing since the 1960s, and in 1980 it actually...
...measures on the economic front, the Generals have managed to cut this year's hyperinflation of 150% almost in half. Within days of the coup, the Generals moved to quiet disgruntled workers with a flat 70% wage hike-and no more. Strikes, which had cost Turkey 8 million man-hour days in the first nine months of 1980, were outlawed. As a result of economic housecleaning, such foreign lenders and investors as the Organization for Economic Cooperation and Development and the International Monetary Fund have been encouraged to continue extending desperately needed credit...
...Productivity Sag" [Feb. 5], it seems that part of the problem is that wages have risen because of union demands, while productivity has dropped. If people were paid for the work they did and not simply for time spent at their places of work, the degree of output per man-hour would rise tremendously because the workers would try to get more done...
...Inadequate investment. Between 1948 and 1973, business spending on new plant and equipment added 3% a year to the capital investment supporting each man-hour of work. Since then this capital-labor ratio has increased only 1.75% annually. Economists argue fiercely whether the chief reason has been tax policies that favor consumption over investment or business fear that recession and/or inflation will wipe out the profit on new investment. In either case, the result has been to slow the introduction of cost-cutting, labor-saving machinery and, says the CEA, to slash the growth of productivity by half a percentage...