Word: output
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Measuring productivity, usually defined as output per man hour, helps us understand the process of technological change which sets limits on what we can accomplish. Professor Griliches acknowledges both the difficulties in measuring productivity and the limits of our understanding but proceeds to summarize economists' views as to what accounts for the striking decline in American productivity in recent years...
...short, people today ask things from capitalism that no system can deliver. They confuse hope with promise. When everyone begins demanding more, the Inevitable result is a madder scramble for a nation's limited output and a bidding up of prices. Says Albert T. Sommers, chief economist of the Conference Board, a leading business research group: "The failure of our political system to contain the growth of social demands within limits tolerable to the free market is the essential first cause of inflation...
...harsher because markets have not been allowed to operate properly. Only for a brief time during the 1930s were petroleum prices set entirely by supply and demand. The cost of oil: an astonishingly low 100 per bbl. Prodded by the major oil producers, the Texas Railroad Commission began controlling output, thus pumping up the price...
Early in the 20th century, Japan and Russia stood at approximately the same stage of economic development. Japan went the capitalist route and acquired Asia's highest living standard. Russia went the Communist path and has never produced consumer goods of quality or sufficient agricultural output...
...Great Depression beginning in 1929 was capitalism's harshest test. One-fourth of the U.S. labor force was unemployed, national output fell by half, and some 11,000 banks closed their doors. Capitalism was in large part saved by the innovative theories of British Economist John Maynard Keynes, who advocated temporary enormous government spending to get national economies growing again. Vast wartime expenditures in the early 1940s finally accomplished that...