Productivity & America's Kick Ass Econony.
"Since 1995, the U.S. has enjoyed a productivity renaissance. The McKinsey Global Institute breaks the economy down into 60 sectors.
U.S. workers are the most productive on earth in at least 50 of them. Productivity gains cause standard of living increases. Productivity gains lead to employment gains. If history is any judge, yesterday's excellent job numbers could mark the beginning of another surge in job creation. As William W. Lewis, a former McKinsey partner, writes in
The Power of Productivity about half the U.S. productivity gains have occurred in just two sectors, wholesale and retail trade. We've gotten really efficient at getting stuff from the hands of manufacturers to the hands of consumers. These innovations have had more important effects on how people really live than anything done in Washington .. ".
More DAVID BROOKS. (via
Virginia Postrel).
Posted by Greg Ransom
