Too blunt

28 Jan 2017 11:07 AM | John Heap (Administrator)

GDP per hour worked is †he normal way in which we measure - and compare - national productivity.

This  is at best a 'blunt instrument'.  There are so many factors that affect GDP besides productivity.

So, when you read that, say, UK productivity is low compared to another country - take the information with 'a pinch of salt'.

I think the way in which we measure national productivity requires  review, if not an overhaul.  We need to look at social and environmental factors so that we include societal and planetary well-being. And we need to be sure that nations handle off-shore GDP in the same way.

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