Productivity Briefing Note – commissioned by SCDI for use as input to their recent report ”From Fragile to Agile: A Blueprint for Growth & Prosperity’
Productivity, and its rate of growth, is a key measure of economic success. It is best measured in terms of labour productivity per hour.
Within the overall measure, multi-factor productivity (MFP) is a key element as it picks up the role of innovation and new practices in improving output.
Many ‘advanced’ economies have been worried about a slowing in underlying productivity in recent decades. This concern has been exacerbated post 2007 as productivity has fallen or stood still.