Doing More with Fewer

Excellent post by Mark Perry regarding the increases in worker productivity…



Perry reported last week that real GDP finally increased above its pre-recession level in the fourth quarter of 2010, and the $13.38 trillion of real GDP (2005 dollars) was the highest-ever quarterly output in U.S. history, slightly higher than the previous record of $13.36 trillion in the fourth quarter of 2007 (see top chart above).

But here’s what’s really amazing and is illustrated in the bottom chart: The U.S. produced slightly more output in Q4 2010 (by 0.14%) than in Q4 2007 when the recession started, but with 7.2 million fewer workers (almost 5%)!  Read more here at The Enterprise Blog.

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