Description

Introduction

Productivity is said to be a major indicator

of the resilience of an economic system. Even the rise and

fall of economies, and hence, swings in the fortunes of

civilizations are explained through levels of productivity.

Credit for a buoyant United Kingdom economy during the

first two decades of the 20th century is given to its relatively

higher level of productivity. Similarly, the high German

productivity in the 1920s through the mid-1930s led to the

emergence of a strong national economy in Germany.

The comparative advantage of its productivity during the period

1948-73 gave the United States an unrivaled economic

position in the world. Japan has been able to penetrate

the world market during the 1970s in a bigger way only through

higher level of productivity.