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Curious how productivity is measured. Tried skimming the associated government PDF from the article, but it is lost on me: "Nonfarm business sector labor produ
by turzmo 4y ago
Curious how productivity is measured. Tried skimming the associated government PDF from the article, but it is lost on me:
"Nonfarm business sector labor productivity decreased 7.5 percent in the first quarter of 2022, the U.S. Bureau of Labor Statistics reported today, as output decreased 2.4 percent and hours worked increased 5.5 percent"
How is this "output" measured, and what does it include? Has it kept up with the times? If I produce more Furbies for cheaper, does this productivity number go up? What if I create an ad-supported iPhone game as a solo developer that reaches millions of people? Does that factor into "output" somehow? Is the accounting different if I sell the game on the App Store, without ads instead? Did an educational company that recorded VHS tapes of science lectures for schools count into productivity before, but now that there is high-quality "free" (ad-supported) content on the internet, that no longer is a producing segment of our economy?