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Productivity

Productivity is the efficiency of production of goods or services expressed by some measure. Measurements of productivity are often expressed as a ratio of an aggregate output to a single input or an aggregate input used in a production process, i.e. output per unit of input, typically over a specific period of time.[1] The most common example is the (aggregate) labour productivity measure, one example of which is GDP per worker. There are many different definitions of productivity (including those that are not defined as ratios of output to input) and the choice among them depends on the purpose of the productivity measurement and data availability. The key source of difference between various productivity measures is also usually related (directly or indirectly) to how the outputs and the inputs are aggregated to obtain such a ratio-type measure of productivity.[2]

Productivity is a crucial factor in the production performance of firms and nations. Increasing national productivity can raise living standards because more real income improves people's ability to purchase goods and services, enjoy leisure, improve housing, and education and contribute to social and environmental programs. Productivity growth can also help businesses to be more profitable.[3]

Partial productivity Edit

Productivity measures that use one class of inputs or factors, but not multiple factors, are called partial productivities.[4] In practice, measurement in production means measures of partial productivity. Interpreted correctly, these components are indicative of productivity development, and approximate the efficiency with which inputs are used in an economy to produce goods and services. However, productivity is only measured partially – or approximately. In a way, the measurements are defective because they do not measure everything, but it is possible to interpret correctly the results of partial productivity and to benefit from them in practical situations. At the company level, typical partial productivity measures are such things as worker hours, materials or energy used per unit of production.[4]

Before the widespread use of computer networks, partial productivity was tracked in tabular form and with hand-drawn graphs. Tabulating machines for data processing began being widely used in the 1920s and 1930s and remained in use until mainframe computers became widespread in the late 1960s through the 1970s. By the late 1970s inexpensive computers allowed industrial operations to perform process control and track productivity. Today data collection is largely computerized and almost any variable can be viewed graphically in real time or retrieved for selected time periods.

Labour productivity Edit

 
Labour productivity levels in 2012 in Europe. OECD
 
Comparison of average labour productivity levels between the OECD member states. Productivity is measured as GDP per hour worked. Blue bars = higher than OECD-average productivity. Yellow bars = lower than average.

In macroeconomics, a common partial productivity measure is labour productivity. Labour productivity is a revealing indicator of several economic indicators as it offers a dynamic measure of economic growth, competitiveness, and living standards within an economy[citation needed]. It is the measure of labour productivity (and all that this measure takes into account) which helps explain the principal economic foundations that are necessary for both economic growth and social development. In general labour productivity is equal to the ratio between a measure of output volume (gross domestic product or gross value added) and a measure of input use (the total number of hours worked or total employment)[citation needed].

 

The output measure is typically net output, more specifically the value added by the process under consideration, i.e. the value of outputs minus the value of intermediate inputs. This is done in order to avoid double-counting when an output of one firm is used as an input by another in the same measurement.[5] In macroeconomics the most well-known and used measure of value-added is the gross domestic product or GDP. Increases in it are widely used as a measure of the economic growth of nations and industries. GDP is the income available for paying capital costs, labor compensation, taxes and profits.[6] Some economists instead use gross value added (GVA); there is normally a strong correlation between GDP and GVA.[7]

The measure of input use reflects the time, effort and skills of the workforce. The denominator of the ratio of labour productivity, the input measure is the most important factor that influences the measure of labour productivity. Labour input is measured either by the total number of hours worked of all persons employed or total employment (head count).[7] There are both advantages and disadvantages associated with the different input measures that are used in the calculation of labour productivity. It is generally accepted that the total number of hours worked is the most appropriate measure of labour input because a simple headcount of employed persons can hide changes in average hours worked and has difficulties accounting for variations in work such as a part-time contract, paid leave, overtime, or shifts in normal hours. However, the quality of hours-worked estimates is not always clear. In particular, statistical establishment and household surveys are difficult to use because of their varying quality of hours-worked estimates and their varying degree of international comparability.

GDP per capita is a rough measure of average living standards or economic well-being and is one of the core indicators of economic performance.[8] GDP is, for this purpose, only a very rough measure. Maximizing GDP, in principle, also allows maximizing capital usage. For this reason, GDP is systematically biased in favour of capital intensive production at the expense of knowledge and labour-intensive production. The use of capital in the GDP-measure is considered to be as valuable as the production's ability to pay taxes, profits and labor compensation. The bias of the GDP is actually the difference between the GDP and the producer income.[9]

Another labour productivity measure, output per worker, is often seen as a proper measure of labour productivity, as here: "Productivity isn't everything, but in the long run it is almost everything. A country's ability to improve its standard of living over time depends almost entirely on its ability to raise its output per worker."[10] This measure (output per worker) is, however, more problematic than the GDP or even invalid because this measure allows maximizing all supplied inputs, i.e. materials, services, energy and capital at the expense of producer income.[citation needed]

Multi-factor productivity Edit

 
Trends in U.S. productivity from labor, capital and multi-factor sources over the 1987–2014 period

When multiple inputs are considered, the measure is called multi-factor productivity or MFP.[5] Multi-factor productivity is typically estimated using growth accounting. If the inputs specifically are labor and capital, and the outputs are value added intermediate outputs, the measure is called total factor productivity (TFP].[11] TFP measures the residual growth that cannot be explained by the rate of change in the services of labour and capital. MFP replaced the term TFP used in the earlier literature, and both terms continue in use (usually interchangeably).[12]

TFP is often interpreted as a rough average measure of productivity, more specifically the contribution to economic growth made by factors such as technical and organisational innovation.[6] The most famous description is that of Robert Solow's (1957): "I am using the phrase 'technical change' as a shorthand expression for any kind of shift in the production function. Thus slowdowns, speed ups, improvements in the education of the labor force and all sorts of things will appear as 'technical change' ." The original MFP model[13] involves several assumptions: that there is a stable functional relation between inputs and output at the economy-wide level of aggregation, that this function has neoclassical smoothness and curvature properties, that inputs are paid the value of their marginal product, that the function exhibits constant returns to scale, and that technical change has the Hicks’n neutral form.[14] In practice, TFP is "a measure of our ignorance", as Abramovitz (1956) put it, precisely because it is a residual. This ignorance covers many components, some wanted (like the effects of technical and organizational innovation), others unwanted (measurement error, omitted variables, aggregation bias, model misspecification)[15] Hence the relationship between TFP and productivity remains unclear.[2]

Total productivity Edit

When all outputs and inputs are included in the productivity measure it is called total productivity. A valid measurement of total productivity necessitates considering all production inputs. If we omit an input in productivity (or income accounting) this means that the omitted input can be used unlimitedly in production without any impact on accounting results. Because total productivity includes all production inputs, it is used as an integrated variable when we want to explain income formation of the production process.

Davis has considered[16] the phenomenon of productivity, measurement of productivity, distribution of productivity gains, and how to measure such gains. He refers to an article[17] suggesting that the measurement of productivity shall be developed so that it ”will indicate increases or decreases in the productivity of the company and also the distribution of the ’fruits of production’ among all parties at interest”. According to Davis, the price system is a mechanism through which productivity gains are distributed, and besides the business enterprise, receiving parties may consist of its customers, staff and the suppliers of production inputs.

In the main article is presented the role of total productivity as a variable when explaining how income formation of production is always a balance between income generation and income distribution. The income change created by production function is always distributed to the stakeholders as economic values within the review period.

Benefits of productivity growth Edit

 
Labour productivity growth in Australia since 1978, measured by GDP per hour worked (indexed)

Productivity growth is a crucial source of growth in living standards. Productivity growth means more value is added in production and this means more income is available to be distributed.

At a firm or industry level, the benefits of productivity growth can be distributed in a number of different ways:

  • to the workforce through better wages and conditions;
  • to shareholders and superannuation funds through increased profits and dividend distributions;
  • to customers through lower prices;
  • to the environment through more stringent environmental protection; and
  • to governments through increases in tax payments (which can be used to fund social and environmental programs).

Productivity growth is important to the firm because it means that it can meet its (perhaps growing) obligations to workers, shareholders, and governments (taxes and regulation), and still remain competitive or even improve its competitiveness in the market place. Adding more inputs will not increase the income earned per unit of input (unless there are increasing returns to scale). In fact, it is likely to mean lower average wages and lower rates of profit. But, when there is productivity growth, even the existing commitment of resources generates more output and income. Income generated per unit of input increases. Additional resources are also attracted into production and can be profitably employed.

Drivers of productivity growth Edit

In the most immediate sense, productivity is determined by the available technology or know-how for converting resources into outputs, and the way in which resources are organized to produce goods and services. Historically, productivity has improved through evolution as processes with poor productivity performance are abandoned and newer forms are exploited. Process improvements may include organizational structures (e.g. core functions and supplier relationships), management systems, work arrangements, manufacturing techniques, and changing market structure. A famous example is the assembly line and the process of mass production that appeared in the decade following commercial introduction of the automobile.[18]

Mass production dramatically reduced the labor in producing parts for and assembling the automobile, but after its widespread adoption productivity gains in automobile production were much lower. A similar pattern was observed with electrification, which saw the highest productivity gains in the early decades after introduction. Many other industries show similar patterns. The pattern was again followed by the computer, information and communications industries in the late 1990s when much of the national productivity gains occurred in these industries.[19]

There is a general understanding of the main determinants or drivers of productivity growth. Certain factors are critical for determining productivity growth. The Office for National Statistics (UK) identifies five drivers that interact to underlie long-term productivity performance: investment, innovation, skills, enterprise and competition.[20]

  • Investment is in physical capital — machinery, equipment and buildings. The more capital workers have at their disposal, generally the better they are able to do their jobs, producing more and better quality output.
  • Innovation is the successful exploitation of new ideas. New ideas can take the form of new technologies, new products or new corporate structures and ways of working. Speeding up the diffusion of innovations can boost productivity.
  • Skills are defined as the quantity and quality of labour of different types available in an economy. Skills complement physical capital, and are needed to take advantage of investment in new technologies and organisational structures.
  • Enterprise is defined as the seizing of new business opportunities by both start-ups and existing firms. New enterprises compete with existing firms by new ideas and technologies increasing competition. Entrepreneurs are able to combine factors of production and new technologies forcing existing firms to adapt or exit the market.
  • Competition improves productivity by creating incentives to innovate and ensures that resources are allocated to the most efficient firms. It also forces existing firms to organise work more effectively through imitations of organisational structures and technology.

Individual and team productivity Edit

Technology has enabled massive personal productivity gains—computers, spreadsheets, email, and other advances have made it possible for a knowledge worker to seemingly produce more in a day than was previously possible in a year.[21] Environmental factors such as sleep and leisure play a significant role in work productivity and received wage.[22] Drivers of productivity growth for creative and knowledge workers include improved or intensified exchange with peers or co-workers, as more productive peers have a stimulating effect on one's own productivity.[23][24] Productivity is influenced by effective supervision and job satisfaction. An effective or knowledgeable supervisor (for example a supervisor who uses the Management by objectives method) has an easier time motivating their employees to produce more in quantity and quality. An employee who has an effective supervisor, motivating them to be more productive is likely to experience a new level of job satisfaction thereby becoming a driver of productivity itself.[25] There is also considerable evidence to support improved productivity through operant conditioning reinforcement,[26] successful gamification engagement,[27] research-based recommendations on principles and implementation guidelines for using monetary rewards effectively,[28] and recognition, based on social cognitive theory, which builds upon self-efficacy.[29]

Detrimental impact of bullying, incivility, toxicity and psychopathy Edit

Workplace bullying results in a loss of productivity, as measured by self-rated job performance.[30] Over time, targets of bullying will spend more time protecting themselves against harassment by bullies and less time fulfilling their duties.[31] Workplace incivility has also been associated with diminished productivity in terms of quality and quantity of work.[32]

A toxic workplace is a workplace that is marked by significant drama and infighting, where personal battles often harm productivity.[33] While employees are distracted by this, they cannot devote time and attention to the achievement of business goals.[34] When toxic employees leave the workplace, it can improve the culture overall because the remaining staff become more engaged and productive.[35] The presence of a workplace psychopath may have a serious detrimental impact on productivity in an organisation.[36]

In companies where the traditional hierarchy has been removed in favor of an egalitarian, team-based setup, the employees are often happier, and individual productivity is improved (as they themselves are better placed to increase the efficiency of the workfloor). Companies that have these hierarchies removed and have their employees work more in teams are called liberated companies or "Freedom Inc.'s".[37][38][39][40][41] The Kaizen system of bottom-up, continuous improvement was first practiced by Japanese manufacturers after World War II, most notably as part of The Toyota Way.

Business productivity Edit

Productivity is one of the main concerns of business management and engineering. Many companies have formal programs for continuously improving productivity, such as a production assurance program. Whether they have a formal program or not, companies are constantly looking for ways to improve quality, reduce downtime and inputs of labor, materials, energy and purchased services. Often simple changes to operating methods or processes increase productivity, but the biggest gains are normally from adopting new technologies, which may require capital expenditures for new equipment, computers or software. Modern productivity science owes much to formal investigations that are associated with scientific management.[42] Although from an individual management perspective, employees may be doing their jobs well and with high levels of individual productivity, from an organizational perspective their productivity may in fact be zero or effectively negative if they are dedicated to redundant or value destroying activities.[21] In office buildings and service-centred companies, productivity is largely influenced and affected by operational byproducts—meetings.[43] The past few years have seen a positive uptick in the number of software solutions focused on improving office productivity.[44] In truth, proper planning and procedures are more likely to help than anything else.[45]

Productivity paradox Edit

Overall productivity growth was relatively slow from the 1970s through the early 1990s,[46] and again from the 2000s to 2020s. Although several possible causes for the slowdown have been proposed there is no consensus. The matter is subject to a continuing debate that has grown beyond questioning whether just computers can significantly increase productivity to whether the potential to increase productivity is becoming exhausted.[47]

National productivity Edit

In order to measure the productivity of a nation or an industry, it is necessary to operationalize the same concept of productivity as in a production unit or a company, yet, the object of modelling is substantially wider and the information more aggregate. The calculations of productivity of a nation or an industry are based on the time series of the SNA, System of National Accounts. National accounting is a system based on the recommendations of the UN (SNA 93) to measure the total production and total income of a nation and how they are used.[48]

International or national productivity growth stems from a complex interaction of factors. Some of the most important immediate factors include technological change, organizational change, industry restructuring and resource reallocation, as well as economies of scale and scope. A nation's average productivity level can also be affected by the movement of resources from low-productivity to high-productivity industries and activities. Over time, other factors such as research and development and innovative effort, the development of human capital through education, and incentives from stronger competition promote the search for productivity improvements and the ability to achieve them. Ultimately, many policy, institutional and cultural factors determine a nation's success in improving productivity.

At the national level, productivity growth raises living standards because more real income improves people's ability to purchase goods and services (whether they are necessities or luxuries), enjoy leisure, improve housing and education and contribute to social and environmental programs. Some have suggested that the UK's 'productivity puzzle' is an urgent issue for policy makers and businesses to address in order to sustain growth.[49] Over long periods of time, small differences in rates of productivity growth compound, like interest in a bank account, and can make an enormous difference to a society's prosperity. Nothing contributes more to reduction of poverty, to increases in leisure, and to the country's ability to finance education, public health, environment and the arts’.[50]

Productivity is considered basic statistical information for many international comparisons and country performance assessments and there is strong interest in comparing them internationally. The OECD[51] publishes an annual Compendium of Productivity Indicators[52] that includes both labor and multi-factor measures of productivity.

See also Edit

References Edit

Citations Edit

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Sources Edit

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Further reading Edit

  • World Bank, 2020. Global Productivity: Trends, Drivers, and Policies. Edited by Alistair Dieppe.
  • Bechler, J. G. (1984). The Productivity Management Process. American Productivity Center.
  • Caves, Douglas W & Christensen, Laurits R & Diewert, W Erwin, March 1982. "Multilateral Comparisons of Output, Input, and Productivity Using Superlative Index Numbers", The Economic Journal, Royal Economic Society, vol. 92(365), pp. 73–86.
  • Caves, Douglas W & Christensen, Laurits R & Diewert, W Erwin, November 1982. "The Economic Theory of Index Numbers and the Measurement of Input, Output, and Productivity", Econometrica, vol. 50(6), pp. 1393–1414.
  • Craig, C.; Harris, R. (1973). "Total Productivity Measurement at the Firm Level". MIT Sloan Management Review (Spring 1973): 13–28.
  • Alexandra Daskovska & Léopold Simar & Sébastien Bellegem, 2010. "Forecasting the Malmquist productivity index", Journal of Productivity Analysis, Springer, vol. 33(2), pp. 97–107, April.
  • Davis, H. S. (1955). Productivity Accounting. University of Pennsylvania.
  • Färe, R., Grosskopf, S., Norris, M., & Zhang, Z. 1994. "Productivity growth, technical progress, and efficiency change in industrialized countries". American Economic Review 84, pp. 66–83.
  • Genesca, G. E.; Grifell, T. E. (1992). "Profits and Total Factor Productivity: A Comparative Analysis". Omega. The International Journal of Management Science. 20 (5/6): 553–568. doi:10.1016/0305-0483(92)90002-O.
  • Jorgenson, D. W.; Griliches, Z. (1967). "The Explanation of Productivity Change". The Review of Economic Studies. 34 (99): 249–283. doi:10.2307/2296675. JSTOR 2296675. S2CID 154527429.
  • Jorgenson, D. W.; Ho, M. S.; Samuels, J. D. (2014). Long-term Estimates of U.S. Productivity and Growth (PDF). Tokyo: Third World KLEMS Conference.
  • Kendrick, J.; Creamer, D. (1965). Measuring Company Productivity: A handbook with Case Studies. Studies in Business Economics 89. New York: The National Industry Productivity Board. OCLC 249374150.
  • Kendrick, J. W. (1984). Improving Company Productivity. Johns Hopkins University Press. ISBN 9780801829925.
  • Kohli, U. (2012). (PDF). Sydney, Australia: EMG Workshop, University of New South Wales, November 21–23, 2012. Archived from the original (PDF) on 2013-05-23.
  • Loggerenberg, B. van; Cucchiaro, S. (1982). "Productivity Measurement and the Bottom Line". National Productivity Review. 1 (1): 87–99. doi:10.1002/npr.4040010111.
  • Mundel, M. E. (1983). Improving Productivity and Effectiveness. Prentice-Hall.
  • Riistama, K.; Jyrkkiö E. (1971). Operatiivinen laskentatoimi [Operative accounting]. Weilin + Göös. p. 335.
  • Saari, S. (2006a). Productivity. Theory and Measurement in Business. Productivity Handbook (in Finnish). MIDO OY.
  • Schreyer, P. (2005). Measuring Productivity (PDF). Tokyo: OECD.
  • Simar, Leopold & Wilson, Paul W., June 1999. "Estimating and bootstrapping Malmquist indices", European Journal of Operational Research, Elsevier, vol. 115(3), pp. 459–471.
  • Mayer, A. and Zelenyuk, V. 2014. "Aggregation of Malmquist productivity indexes allowing for reallocation of resources", European Journal of Operational Research, Elsevier, vol. 238(3), pp. 774–785.
  • Zelenyuk, V. 2006. "Aggregation of Malmquist productivity indexes". European Journal of Operational Research, vol. 174(2), pp. 1076–1086.
  • "2020 Home Office Productivity Set Up"

External links Edit

Handbooks Edit

  • Measuring Productivity—OECD Manual
  • Bureau of Labor Statistics, Productivity Statistics (U.S.)

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This article is about the economic and business concept For other uses see Productivity disambiguation Productivity is the efficiency of production of goods or services expressed by some measure Measurements of productivity are often expressed as a ratio of an aggregate output to a single input or an aggregate input used in a production process i e output per unit of input typically over a specific period of time 1 The most common example is the aggregate labour productivity measure one example of which is GDP per worker There are many different definitions of productivity including those that are not defined as ratios of output to input and the choice among them depends on the purpose of the productivity measurement and data availability The key source of difference between various productivity measures is also usually related directly or indirectly to how the outputs and the inputs are aggregated to obtain such a ratio type measure of productivity 2 Productivity is a crucial factor in the production performance of firms and nations Increasing national productivity can raise living standards because more real income improves people s ability to purchase goods and services enjoy leisure improve housing and education and contribute to social and environmental programs Productivity growth can also help businesses to be more profitable 3 Contents 1 Partial productivity 1 1 Labour productivity 2 Multi factor productivity 3 Total productivity 4 Benefits of productivity growth 5 Drivers of productivity growth 6 Individual and team productivity 6 1 Detrimental impact of bullying incivility toxicity and psychopathy 7 Business productivity 8 Productivity paradox 9 National productivity 10 See also 11 References 11 1 Citations 11 2 Sources 12 Further reading 13 External links 13 1 HandbooksPartial productivity EditMain article Partial productivity Productivity measures that use one class of inputs or factors but not multiple factors are called partial productivities 4 In practice measurement in production means measures of partial productivity Interpreted correctly these components are indicative of productivity development and approximate the efficiency with which inputs are used in an economy to produce goods and services However productivity is only measured partially or approximately In a way the measurements are defective because they do not measure everything but it is possible to interpret correctly the results of partial productivity and to benefit from them in practical situations At the company level typical partial productivity measures are such things as worker hours materials or energy used per unit of production 4 Before the widespread use of computer networks partial productivity was tracked in tabular form and with hand drawn graphs Tabulating machines for data processing began being widely used in the 1920s and 1930s and remained in use until mainframe computers became widespread in the late 1960s through the 1970s By the late 1970s inexpensive computers allowed industrial operations to perform process control and track productivity Today data collection is largely computerized and almost any variable can be viewed graphically in real time or retrieved for selected time periods Labour productivity Edit See also Workforce productivity and List of countries by labour productivity Labour productivity levels in 2012 in Europe OECD Comparison of average labour productivity levels between the OECD member states Productivity is measured as GDP per hour worked Blue bars higher than OECD average productivity Yellow bars lower than average In macroeconomics a common partial productivity measure is labour productivity Labour productivity is a revealing indicator of several economic indicators as it offers a dynamic measure of economic growth competitiveness and living standards within an economy citation needed It is the measure of labour productivity and all that this measure takes into account which helps explain the principal economic foundations that are necessary for both economic growth and social development In general labour productivity is equal to the ratio between a measure of output volume gross domestic product or gross value added and a measure of input use the total number of hours worked or total employment citation needed labour productivity output volume labor input use displaystyle text labour productivity frac text output volume text labor input use The output measure is typically net output more specifically the value added by the process under consideration i e the value of outputs minus the value of intermediate inputs This is done in order to avoid double counting when an output of one firm is used as an input by another in the same measurement 5 In macroeconomics the most well known and used measure of value added is the gross domestic product or GDP Increases in it are widely used as a measure of the economic growth of nations and industries GDP is the income available for paying capital costs labor compensation taxes and profits 6 Some economists instead use gross value added GVA there is normally a strong correlation between GDP and GVA 7 The measure of input use reflects the time effort and skills of the workforce The denominator of the ratio of labour productivity the input measure is the most important factor that influences the measure of labour productivity Labour input is measured either by the total number of hours worked of all persons employed or total employment head count 7 There are both advantages and disadvantages associated with the different input measures that are used in the calculation of labour productivity It is generally accepted that the total number of hours worked is the most appropriate measure of labour input because a simple headcount of employed persons can hide changes in average hours worked and has difficulties accounting for variations in work such as a part time contract paid leave overtime or shifts in normal hours However the quality of hours worked estimates is not always clear In particular statistical establishment and household surveys are difficult to use because of their varying quality of hours worked estimates and their varying degree of international comparability GDP per capita is a rough measure of average living standards or economic well being and is one of the core indicators of economic performance 8 GDP is for this purpose only a very rough measure Maximizing GDP in principle also allows maximizing capital usage For this reason GDP is systematically biased in favour of capital intensive production at the expense of knowledge and labour intensive production The use of capital in the GDP measure is considered to be as valuable as the production s ability to pay taxes profits and labor compensation The bias of the GDP is actually the difference between the GDP and the producer income 9 Another labour productivity measure output per worker is often seen as a proper measure of labour productivity as here Productivity isn t everything but in the long run it is almost everything A country s ability to improve its standard of living over time depends almost entirely on its ability to raise its output per worker 10 This measure output per worker is however more problematic than the GDP or even invalid because this measure allows maximizing all supplied inputs i e materials services energy and capital at the expense of producer income citation needed Multi factor productivity EditMain article Total factor productivity Trends in U S productivity from labor capital and multi factor sources over the 1987 2014 periodWhen multiple inputs are considered the measure is called multi factor productivity or MFP 5 Multi factor productivity is typically estimated using growth accounting If the inputs specifically are labor and capital and the outputs are value added intermediate outputs the measure is called total factor productivity TFP 11 TFP measures the residual growth that cannot be explained by the rate of change in the services of labour and capital MFP replaced the term TFP used in the earlier literature and both terms continue in use usually interchangeably 12 TFP is often interpreted as a rough average measure of productivity more specifically the contribution to economic growth made by factors such as technical and organisational innovation 6 The most famous description is that of Robert Solow s 1957 I am using the phrase technical change as a shorthand expression for any kind of shift in the production function Thus slowdowns speed ups improvements in the education of the labor force and all sorts of things will appear as technical change The original MFP model 13 involves several assumptions that there is a stable functional relation between inputs and output at the economy wide level of aggregation that this function has neoclassical smoothness and curvature properties that inputs are paid the value of their marginal product that the function exhibits constant returns to scale and that technical change has the Hicks n neutral form 14 In practice TFP is a measure of our ignorance as Abramovitz 1956 put it precisely because it is a residual This ignorance covers many components some wanted like the effects of technical and organizational innovation others unwanted measurement error omitted variables aggregation bias model misspecification 15 Hence the relationship between TFP and productivity remains unclear 2 Total productivity EditMain article Production economics When all outputs and inputs are included in the productivity measure it is called total productivity A valid measurement of total productivity necessitates considering all production inputs If we omit an input in productivity or income accounting this means that the omitted input can be used unlimitedly in production without any impact on accounting results Because total productivity includes all production inputs it is used as an integrated variable when we want to explain income formation of the production process Davis has considered 16 the phenomenon of productivity measurement of productivity distribution of productivity gains and how to measure such gains He refers to an article 17 suggesting that the measurement of productivity shall be developed so that it will indicate increases or decreases in the productivity of the company and also the distribution of the fruits of production among all parties at interest According to Davis the price system is a mechanism through which productivity gains are distributed and besides the business enterprise receiving parties may consist of its customers staff and the suppliers of production inputs In the main article is presented the role of total productivity as a variable when explaining how income formation of production is always a balance between income generation and income distribution The income change created by production function is always distributed to the stakeholders as economic values within the review period Benefits of productivity growth Edit Labour productivity growth in Australia since 1978 measured by GDP per hour worked indexed Productivity growth is a crucial source of growth in living standards Productivity growth means more value is added in production and this means more income is available to be distributed At a firm or industry level the benefits of productivity growth can be distributed in a number of different ways to the workforce through better wages and conditions to shareholders and superannuation funds through increased profits and dividend distributions to customers through lower prices to the environment through more stringent environmental protection and to governments through increases in tax payments which can be used to fund social and environmental programs Productivity growth is important to the firm because it means that it can meet its perhaps growing obligations to workers shareholders and governments taxes and regulation and still remain competitive or even improve its competitiveness in the market place Adding more inputs will not increase the income earned per unit of input unless there are increasing returns to scale In fact it is likely to mean lower average wages and lower rates of profit But when there is productivity growth even the existing commitment of resources generates more output and income Income generated per unit of input increases Additional resources are also attracted into production and can be profitably employed This section does not cite any sources Please help improve this section by adding citations to reliable sources Unsourced material may be challenged and removed July 2023 Learn how and when to remove this template message Drivers of productivity growth EditSee also Productivity improving technologies In the most immediate sense productivity is determined by the available technology or know how for converting resources into outputs and the way in which resources are organized to produce goods and services Historically productivity has improved through evolution as processes with poor productivity performance are abandoned and newer forms are exploited Process improvements may include organizational structures e g core functions and supplier relationships management systems work arrangements manufacturing techniques and changing market structure A famous example is the assembly line and the process of mass production that appeared in the decade following commercial introduction of the automobile 18 Mass production dramatically reduced the labor in producing parts for and assembling the automobile but after its widespread adoption productivity gains in automobile production were much lower A similar pattern was observed with electrification which saw the highest productivity gains in the early decades after introduction Many other industries show similar patterns The pattern was again followed by the computer information and communications industries in the late 1990s when much of the national productivity gains occurred in these industries 19 There is a general understanding of the main determinants or drivers of productivity growth Certain factors are critical for determining productivity growth The Office for National Statistics UK identifies five drivers that interact to underlie long term productivity performance investment innovation skills enterprise and competition 20 Investment is in physical capital machinery equipment and buildings The more capital workers have at their disposal generally the better they are able to do their jobs producing more and better quality output Innovation is the successful exploitation of new ideas New ideas can take the form of new technologies new products or new corporate structures and ways of working Speeding up the diffusion of innovations can boost productivity Skills are defined as the quantity and quality of labour of different types available in an economy Skills complement physical capital and are needed to take advantage of investment in new technologies and organisational structures Enterprise is defined as the seizing of new business opportunities by both start ups and existing firms New enterprises compete with existing firms by new ideas and technologies increasing competition Entrepreneurs are able to combine factors of production and new technologies forcing existing firms to adapt or exit the market Competition improves productivity by creating incentives to innovate and ensures that resources are allocated to the most efficient firms It also forces existing firms to organise work more effectively through imitations of organisational structures and technology Individual and team productivity EditSee also Programming productivity Technology has enabled massive personal productivity gains computers spreadsheets email and other advances have made it possible for a knowledge worker to seemingly produce more in a day than was previously possible in a year 21 Environmental factors such as sleep and leisure play a significant role in work productivity and received wage 22 Drivers of productivity growth for creative and knowledge workers include improved or intensified exchange with peers or co workers as more productive peers have a stimulating effect on one s own productivity 23 24 Productivity is influenced by effective supervision and job satisfaction An effective or knowledgeable supervisor for example a supervisor who uses the Management by objectives method has an easier time motivating their employees to produce more in quantity and quality An employee who has an effective supervisor motivating them to be more productive is likely to experience a new level of job satisfaction thereby becoming a driver of productivity itself 25 There is also considerable evidence to support improved productivity through operant conditioning reinforcement 26 successful gamification engagement 27 research based recommendations on principles and implementation guidelines for using monetary rewards effectively 28 and recognition based on social cognitive theory which builds upon self efficacy 29 Detrimental impact of bullying incivility toxicity and psychopathy Edit Workplace bullying results in a loss of productivity as measured by self rated job performance 30 Over time targets of bullying will spend more time protecting themselves against harassment by bullies and less time fulfilling their duties 31 Workplace incivility has also been associated with diminished productivity in terms of quality and quantity of work 32 A toxic workplace is a workplace that is marked by significant drama and infighting where personal battles often harm productivity 33 While employees are distracted by this they cannot devote time and attention to the achievement of business goals 34 When toxic employees leave the workplace it can improve the culture overall because the remaining staff become more engaged and productive 35 The presence of a workplace psychopath may have a serious detrimental impact on productivity in an organisation 36 In companies where the traditional hierarchy has been removed in favor of an egalitarian team based setup the employees are often happier and individual productivity is improved as they themselves are better placed to increase the efficiency of the workfloor Companies that have these hierarchies removed and have their employees work more in teams are called liberated companies or Freedom Inc s 37 38 39 40 41 The Kaizen system of bottom up continuous improvement was first practiced by Japanese manufacturers after World War II most notably as part of The Toyota Way Business productivity EditProductivity is one of the main concerns of business management and engineering Many companies have formal programs for continuously improving productivity such as a production assurance program Whether they have a formal program or not companies are constantly looking for ways to improve quality reduce downtime and inputs of labor materials energy and purchased services Often simple changes to operating methods or processes increase productivity but the biggest gains are normally from adopting new technologies which may require capital expenditures for new equipment computers or software Modern productivity science owes much to formal investigations that are associated with scientific management 42 Although from an individual management perspective employees may be doing their jobs well and with high levels of individual productivity from an organizational perspective their productivity may in fact be zero or effectively negative if they are dedicated to redundant or value destroying activities 21 In office buildings and service centred companies productivity is largely influenced and affected by operational byproducts meetings 43 The past few years have seen a positive uptick in the number of software solutions focused on improving office productivity 44 In truth proper planning and procedures are more likely to help than anything else 45 Productivity paradox EditMain article Productivity paradox Overall productivity growth was relatively slow from the 1970s through the early 1990s 46 and again from the 2000s to 2020s Although several possible causes for the slowdown have been proposed there is no consensus The matter is subject to a continuing debate that has grown beyond questioning whether just computers can significantly increase productivity to whether the potential to increase productivity is becoming exhausted 47 National productivity EditIn order to measure the productivity of a nation or an industry it is necessary to operationalize the same concept of productivity as in a production unit or a company yet the object of modelling is substantially wider and the information more aggregate The calculations of productivity of a nation or an industry are based on the time series of the SNA System of National Accounts National accounting is a system based on the recommendations of the UN SNA 93 to measure the total production and total income of a nation and how they are used 48 International or national productivity growth stems from a complex interaction of factors Some of the most important immediate factors include technological change organizational change industry restructuring and resource reallocation as well as economies of scale and scope A nation s average productivity level can also be affected by the movement of resources from low productivity to high productivity industries and activities Over time other factors such as research and development and innovative effort the development of human capital through education and incentives from stronger competition promote the search for productivity improvements and the ability to achieve them Ultimately many policy institutional and cultural factors determine a nation s success in improving productivity At the national level productivity growth raises living standards because more real income improves people s ability to purchase goods and services whether they are necessities or luxuries enjoy leisure improve housing and education and contribute to social and environmental programs Some have suggested that the UK s productivity puzzle is an urgent issue for policy makers and businesses to address in order to sustain growth 49 Over long periods of time small differences in rates of productivity growth compound like interest in a bank account and can make an enormous difference to a society s prosperity Nothing contributes more to reduction of poverty to increases in leisure and to the country s ability to finance education public health environment and the arts 50 Productivity is considered basic statistical information for many international comparisons and country performance assessments and there is strong interest in comparing them internationally The OECD 51 publishes an annual Compendium of Productivity Indicators 52 that includes both labor and multi factor measures of productivity See also EditAgile construction Computer aided manufacturing Counterproductive work behavior Division of labour Industrial Revolution Productive and unproductive labour Productive forces Productivity model Production possibility frontier Second Industrial RevolutionReferences EditCitations Edit Kaliski Burton S ed 2001 Encyclopedia of busine and finance New York Macmillan Reference USA ISBN 0028650654 OCLC 45403115 a b Sickles Robin Zelenyuk Valentin 2019 Measurement of Productivity and Efficiency Theory and Practice Cambridge Cambridge University Press doi 10 1017 9781139565981 ISBN 9781139565981 S2CID 155765388 Courbois amp Temple 1975 Gollop 1979 Kurosawa 1975 Pineda 1990 Saari 2006 Hitt and Brynjolfsson 1996 incomplete short citation Sickles amp Zelenyuk 2019 a b Sumanth David J 1997 10 27 Total Productivity Management TPmgt A Systemic and Quantitative Approach to Compete in Quality Price and Time CRC Press p 5 ISBN 9781574440577 Retrieved 11 March 2017 a b Multifactor Productivity Overview Bureau of Labor Statistics U S Department of Labor Retrieved 11 March 2017 a b OECD 2008 11 a b Freeman 2008 5 OECD 2008 14 Saari 2011 10 16 Paul Krugman 1994 The Age of Diminishing Expectations MIT Press Ivan Png Total Factor Productivity Estimation on YouTube Hulten 2009 7 Solow 1957 Hulten 2009 5 Hulten 2000 11 Davis 1955 1947 Journal of Accountancy Feb p 94 Field Alexander J 2006 Technical change and US economic growth The interwar period and the 1990s In Rhode Paul W Toniolo Gianni eds The Global Economy in the 1990s pp 89 117 doi 10 1017 CBO9780511616464 006 ISBN 978 0 511 61646 4 S2CID 155395606 Ayres Robert U Warr Benjamin 2006 Economic growth technological progress and energy use in the U S over the last century Identifying common trends and structural change in macroeconomic time series INSEAD Business in Society Centre ONS ch 3 p 20 a b Fuller Ryan 19 April 2016 The Paradox of Workplace Productivity Gibson Matthew Shrader Jeffrey 14 July 2014 Time Use and Productivity The Wage Returns to Sleep EScholarship Retrieved 11 March 2017 Borowiecki Karol J 2013 Geographic clustering and productivity An instrumental variable approach for classical composers PDF Journal of Urban Economics 73 1 94 110 doi 10 1016 j jue 2012 07 004 Borowiecki Karol J 2015 Agglomeration Economies in Classical Music PDF Papers in Regional Science 94 3 443 68 doi 10 1111 pirs 12078 hdl 10419 246978 Thompson K R et al 1981 The Effects of MBO on Performance and Satisfaction in a Public Sector Organization Journal of Management 7 1 53 68 doi 10 1177 014920638100700105 S2CID 18992717 Skinner B F 1974 About Behaviorism Knopf ISBN 0 394 49201 3 Robson Karen Plangger Kirk Kietzmann Jan H McCarthy Ian Pitt Leyland January 2016 Game on Engaging customers and employees through gamification Business Horizons 59 1 29 36 doi 10 1016 j bushor 2015 08 002 S2CID 32203003 Aguinis Herman Joo Harry Gottfredson Ryan K March 2013 What monetary rewards can and cannot do How to show employees the money Business Horizons 56 2 241 249 doi 10 1016 j bushor 2012 11 007 Luthans Fred Stajkovic Alexander D 2015 Provide Recognition for Performance Improvement Handbook of Principles of Organizational Behavior pp 239 253 doi 10 1002 9781119206422 ch13 ISBN 978 1 119 20642 2 Helge H Sheehan MJ Cooper CL Einarsen S Organisational Effects of Workplace Bullying in Bullying and Harassment in the Workplace Developments in Theory Research and Practice 2010 Fisher Blando J L 2008 Workplace bullying Aggressive behavior and its effect on job satisfaction and productivity PDF PhD University of Phoenix 9 signs your work place needs civility 6 steps to achieve it TechJournal Archived from the original on 9 June 2015 Retrieved 25 September 2014 Benoit Suzanne 2011 Toxic Employees great companies resolve this problem you can too Falmouth Maine BCSPublishing Bitting Robert Using Effective Leadership Strategies in the Workplace http www robertbitting com files articles Toxic Employees in the Work Place pdf Archived 2011 08 13 at the Wayback Machine Retrieved May 13 2011 Mayhew Ruth Is employee turnover always bad accessed at http smallbusiness chron com employee turnover always bad 11089 html Boddy C R 2010 Corporate Psychopaths and Productivity Management Services Spring 26 30 Innovation Management Are start ups Freedom Inc companies Innovation Excellence L entreprise liberee Archived from the original on 2016 08 20 Retrieved 2016 07 15 What is Holacracy holacracy org 2 January 2023 Liberated company with an innovative managerial culture Groupe Poult SEMCO PDF semco com br Nelson Daniel 1980 Frederick W Taylor and the Rise of Scientific Management University of Wisconsin Press ISBN 978 0299081607 Stop the Meeting Madness Harvard Business Review 2017 07 01 Retrieved 2018 06 27 Business and Productivity Apps Market Worth 58 Billion by 2016 Report Dazeinfo 2014 05 12 Retrieved 2018 06 27 Meeting Room Productivity Blog YArooms www yarooms com Retrieved 2018 06 27 Brynjolfsson Erik 1993 The productivity paradox of information technology Communications of the ACM 36 12 66 77 doi 10 1145 163298 163309 ISSN 0001 0782 S2CID 15074120 Zelenyuk Valentin 30 October 2018 Testing Significance of Contributions in Growth Accounting with Application to Testing ICT Impact on Labor Productivity of Developed Countries International Journal of Business and Economics 13 2 115 126 via ideas repec org Saari 2006 9 Bordoloi Tausif 2019 10 11 The UK productivity puzzle Can manufacturing automation be one of the solutions Medium Retrieved 2019 12 03 Alan Blinder and William Baumol 1993 Economics Principles and Policy Harcourt Brace Jovanovich San Diego p 778 Labour productivity levels in the total economy OECD Compendium of Productivity Indicators www oecd ilibrary org Retrieved 2022 09 17 Sources Edit Abramovitz M May 1956 Resource and Output Trends in the United States since 1870 American Economic Review 46 2 5 23 JSTOR 1910656 Courbois R Temple P 1975 La methode des Comptes de surplus et ses applications macroeconomiques 160 des Collect INSEE Serie C 35 p 100 Freeman R 2008 Labour productivity indicators PDF OECD Gollop F M 1979 Accounting for Intermediate Input The Link Between Sectoral and Aggregate Measures of Productivity Growth Measurement and Interpretation of Productivity National Academy of Sciences Hulten C R January 2000 Total Factor Productivity A Short Biography NBER Working Paper No 7471 doi 10 3386 w7471 Hulten C R September 2009 Growth Accounting NBER Working Paper No 15341 doi 10 3386 w15341 Kurosawa K 1975 An aggregate index for the analysis of productivity Omega 3 2 157 168 doi 10 1016 0305 0483 75 90115 2 OECD 2008 Compendium of Productivity Indicators 2008 OECD ONS Productivity Theory and Drivers PDF Office for National Statistics UK Pineda A 1990 A Multiple Case Study Research to Determine and respond to Management Information Need Using Total Factor Productivity Measurement TFPM Virginia Polytechnic Institute and State University Saari S 2011 Production and Productivity as Sources of Well being MIDO OY p 25 Saari S 2006 Productivity Theory and Measurement in Business PDF Espoo Finland European Productivity Conference Solow R M August 1957 Technical Change and the Aggregate Production Function The Review of Economics and Statistics 39 3 312 320 doi 10 2307 1926047 JSTOR 1926047 S2CID 153438644 Further reading EditWorld Bank 2020 Global Productivity Trends Drivers and Policies Edited by Alistair Dieppe Bechler J G 1984 The Productivity Management Process American Productivity Center Caves Douglas W amp Christensen Laurits R amp Diewert W Erwin March 1982 Multilateral Comparisons of Output Input and Productivity Using Superlative Index Numbers The Economic Journal Royal Economic Society vol 92 365 pp 73 86 Caves Douglas W amp Christensen Laurits R amp Diewert W Erwin November 1982 The Economic Theory of Index Numbers and the Measurement of Input Output and Productivity Econometrica vol 50 6 pp 1393 1414 Craig C Harris R 1973 Total Productivity Measurement at the Firm Level MIT Sloan Management Review Spring 1973 13 28 Alexandra Daskovska amp Leopold Simar amp Sebastien Bellegem 2010 Forecasting the Malmquist productivity index Journal of Productivity Analysis Springer vol 33 2 pp 97 107 April Davis H S 1955 Productivity Accounting University of Pennsylvania Fare R Grosskopf S Norris M amp Zhang Z 1994 Productivity growth technical progress and efficiency change in industrialized countries American Economic Review 84 pp 66 83 Genesca G E Grifell T E 1992 Profits and Total Factor Productivity A Comparative Analysis Omega The International Journal of Management Science 20 5 6 553 568 doi 10 1016 0305 0483 92 90002 O Jorgenson D W Griliches Z 1967 The Explanation of Productivity Change The Review of Economic Studies 34 99 249 283 doi 10 2307 2296675 JSTOR 2296675 S2CID 154527429 Jorgenson D W Ho M S Samuels J D 2014 Long term Estimates of U S Productivity and Growth PDF Tokyo Third World KLEMS Conference Kendrick J Creamer D 1965 Measuring Company Productivity A handbook with Case Studies Studies in Business Economics 89 New York The National Industry Productivity Board OCLC 249374150 Kendrick J W 1984 Improving Company Productivity Johns Hopkins University Press ISBN 9780801829925 Kohli U 2012 Productivity National vs Domestic PDF Sydney Australia EMG Workshop University of New South Wales November 21 23 2012 Archived from the original PDF on 2013 05 23 Loggerenberg B van Cucchiaro S 1982 Productivity Measurement and the Bottom Line National Productivity Review 1 1 87 99 doi 10 1002 npr 4040010111 Mundel M E 1983 Improving Productivity and Effectiveness Prentice Hall Riistama K Jyrkkio E 1971 Operatiivinen laskentatoimi Operative accounting Weilin Goos p 335 Saari S 2006a Productivity Theory and Measurement in Business Productivity Handbook in Finnish MIDO OY Schreyer P 2005 Measuring Productivity PDF Tokyo OECD Simar Leopold amp Wilson Paul W June 1999 Estimating and bootstrapping Malmquist indices European Journal of Operational Research Elsevier vol 115 3 pp 459 471 Mayer A and Zelenyuk V 2014 Aggregation of Malmquist productivity indexes allowing for reallocation of resources European Journal of Operational Research Elsevier vol 238 3 pp 774 785 Zelenyuk V 2006 Aggregation of Malmquist productivity indexes European Journal of Operational Research vol 174 2 pp 1076 1086 2020 Home Office Productivity Set Up External links Edit Wikimedia Commons has media related to Productivity Wikiquote has quotations related to Productivity Field Alexander J 2008 Productivity In David R Henderson ed Concise Encyclopedia of Economics 2nd ed Indianapolis Library of Economics and Liberty ISBN 978 0865976658 OCLC 237794267 Productivity and Costs Bureau of Labor Statistics United States Department of Labor contains international comparisons of productivity rates historical and present Productivity Statistics Organisation for Economic Co operation and Development Greenspan Speech OECD estimates of labour productivity levelsHandbooks Edit Measuring Productivity OECD Manual Bureau of Labor Statistics Productivity Statistics U S Portals Business Technology Retrieved from https en wikipedia org w index php title Productivity amp oldid 1172069109, wikipedia, wiki, book, books, library,

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