danielpalos
Diamond Member
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- #501
Labor productivity measures output per labor hour.Almost... it may have been that way in the early days of our country but after decades of abuses to workers by the business owners the government decided to step in an require certain standards to be met. Had capitalism stayed fair and not abused their power perhaps there wouldn’t have been a need for regulations but alas, money leads to greed and greed leads to power and power can lead to abuses to those who are not in power.Who determines what the value of labor is?
The buyer and the seller.
Almost...
Tell me what additional determinant I missed.
Labor productivity is largely driven by investment in capital, technological progress, and human capital development.
Business and government can increase labor productivity of workers by direct investing in or creating incentives for increases in technology and human or physical capital.
Labor Productivity: What It Is, How to Calculate & Improve It
Labor productivity is a term for the output of labor per hour.
www.investopedia.com