Labor productivity rate of the United States
In terms of the quality of its labor, the U.S. labor market is in line with those of other developed countries.[1]
Investopedia says about the importance of labor productivity to an economy, "Labor productivity is largely driven by investment in capital, technological progress, and human capital development. Labor productivity is directly linked to improved standards of living in the form of higher consumption."[2] According the Yahoo Finance: "According to Yahoo Finance: "Efficiency in production, also coined as productivity, is one of the major driving forces behind economic resilience in a country."[3]
According to Investopedia: "Education tends to raise productivity and creativity, as well as stimulate entrepreneurship and technological breakthroughs. All of these factors lead to greater output and economic growth."[4] In 2023, as part of a trend of a growing school choice movement in the United States (particularly post conavirus pandemic), 20 states in the United States passed school choice legislation which has the potential to raise the quality of education in the United States due to more competition in schooling raising the quality of the education.[5]
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United States in comparison to other countries in the world
According the Yahoo Finance: "According to Yahoo Finance: "Efficiency in production, also coined as productivity, is one of the major driving forces behind economic resilience in a country... The United States has one of the strongest economies in the world. The country hosts some of the largest companies in the world, which contributes to the high GDP per capita in the country."[7]
As can be seen in the map above, the USA has one of the highest labor productivity rates in the world.[8]
Articles on the USA's labor productivity
- US Productivity Increases at Rapid Pace, Cementing 2023 Rebound, Bloomberg Law, 2024
- Looking at the Growing Productivity of American Workers for Labor Day, US Bureau of Labor Statistics, August 2023
Fortune magazine, September 2023: Top USA economist says he sees artificial intelligence doubling USA's productivity in the next 10 years
- A top economist who studies AI says it will double U.S. productivity in the next decade: ‘You need to embrace this technology and not resist it’, Fortune magazine, September 2023
See also
Notes
- ↑ United States - Strengths and weaknesses
- ↑ Labor Productivity: What It Is, How to Calculate & Improve It, Investopedia
- ↑ 25 Most Productive Countries Per Capita, Yahoo Finance
- ↑ How Education and Training Affect the Economy
- ↑ Twenty states passed school choice programs last year. Why haven’t these red states?, Washington Examiner, 2024
- ↑ Labor Productivity: What It Is, How to Calculate & Improve It, Investopedia
- ↑ 25 Most Productive Countries Per Capita, Yahoo Finance
- ↑ Most Productive Countries 2024
