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"A comprehensive, collaborative elections resource."
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Imported Productivity
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| Contributor | Servo |
| Last Edited | Servo Oct 19, 2003 01:04am |
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| Category | Analysis |
| News Date | Sunday, October 19, 2003 06:00:00 AM UTC0:0 |
| Description | "America’s fabled productivity miracle continues to be a key underpinning for much that is special about the US economy. With productivity in the nonfarm business sector up an astonishing 6.8% sequentially (annual rate) in 2Q03 and 4.1% on a year-over-year basis, it’s hard to deny that something quite extraordinary is going on. As I see it, what’s special is an increasingly powerful global labor arbitrage between domestic and foreign labor input that has given rise to a surge in offshore outsourcing. The result is a jobless recovery built on an increasingly tenuous foundation of “imported productivity.” The real issue is whether this new strain of productivity enhancement is sustainable. I have my doubts." |
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