Word: measuredâ
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Through the 1960s, output per man-hour worked?the conventional, though not entirely adequate, way by which productivity is measured???rose on average about 3% a year, a healthy pace that had been maintained since shortly after World War II. In the '70s, productivity growth has averaged only about half that. Some economists long hoped that the slowdown was a cyclical fluke, caused mainly by the recessions of 1970 and 1973-75 (recessions always hurt productivity because companies run high-powered machinery at a slow pace and keep on the payroll workers who do not have much...
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