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If we are going to stick with GDP we should at least use GDP per hour worked [0] so we look at the only thing that matters in the long run - labour efficiency.
by danieltillett 9y ago
If we are going to stick with GDP we should at least use GDP per hour worked [0] so we look at the only thing that matters in the long run - labour efficiency.
Looking at this I am amazed how much more efficient Australian labour is than New Zealand labour $55.87 verse $36.83.
0. https://en.m.wikipedia.org/wiki/List_of_countries_by_GDP_(PPP)_per_hour_worked https://en.m.wikipedia.org/wiki/List_of_countries_by_GDP_(PP...
- tonyedgecombe 9y agoExcept the easy way to increase productivity is to fire all the low paid workers, productivity would go up but I'm not sure that would be desirable.
- danieltillett 9y agoOr the alternative of raising the minimum wage. No business is going to fire a worker they need to increase the nation's GDP per hour worked, but as an aim for the nation it would be better if everyone if we worked towards increasing the efficiency of labour.
- SilasX 9y agoIt should be “per hour lost to work” (so you account for commute times) and subtract off minimal housing costs.