vlog Affiliated Authors
Excerpt
August 8, 2022, Audio: "According to the Labor Department, there was a drop in productivity in the first quarter of the year that saw productivity fall by the most since 1947. Labor productivity boils down to how much a worker can produce in a given period of time. According to Betsey Stevenson, an economics professor at the University of Michigan, it’s “what’s the amount of output per hour. So if you’re in a coffee shop, thinking about, you know, how many cups of coffee the person can sell.” She says improving technology can improve that output per hour — a more-efficient coffee maker might churn cups out faster. And when improvements like that spread across the whole economy, it can really improve our living standards."
vlog Faculty Author - Jason Furman