ECON 102 Lecture Notes - Lecture 6: Silicon Valley, Stock Market, Blue-Collar Worker
21
ECON 102 Full Course Notes
Verified Note
21 documents
Document Summary
Productivity means giving people and companies the tools to do things better and faster. Us figures show a diff story-economic output per hour worked has barely changed. At 2% growth rate it takes 35 years to double the standard of living, at 1% it takes 70 produce large output with fewer people accurate intangibles/ quality productivity numbers. Us labor department has sought to update its gdp to include more (cant measure app productivity)- a lot of what originates there is free. Silicon valley seems to be an exception to the us economy bc of ability to. Economy needs time to make use of new capabilities before they show up in. Low productivity growth slows the economy and lowers wages. Mr. varian (adam smith of googlenomics) thinks theres lack of appreciation for what goes on in silicon valley because there isn"t a good way to measure it. Kholsa and steve jurvetsen don"t believe the metric of productivity is.
