Labor Productivity and Standard of Living Collapse When measuring
Labor Productivity and Standard of Living Collapse When measuring a nations standard of living, whether comparing different nations or analyzing changes in one country over time, the most commonly used and accepted figure is real GDP per capital, which calculates the market value of final goods and services produced per person living in that country, adjusted for changes in price level over time. If a country hopes to increase its real GDP per capita and thus raise its populations standard of living, it must increase labor productivity, which is the quantity of goods and services that can be produced per hour of work. Why is it necessary for a nations labor productivity to increase in order for its standard of living to improve?
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