Saturday, February 12, 2011

Labor productivity (Real wage rate)

(e.g.) The Classical Growth Era

Economic growth figures (millions except for per hour figures - inflation adjusted)
19471950
Real GDP$100$180
Capital per hour of labor$220$220
Hours labor2021

For 1950,
Labor productivity = Real wage rate = Real GDP / Hours labor
= $180 / 21 = $8.57
Posted by Unknown at 8:20 PM
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