Millions of people are out of work. Their job is gone forever. Still, Economy I am recovering without those jobs.
Economists describe economic growth without job creation. They call it productivity, which can offset unemployment.
Productivity Measurement of economic production Per unit of input. In the case of a factory, productivity is the quantity of product manufactured divided by the number of hours required to manufacture the product.For example, if a factory produces 100,000 cars a month and employees work 200,000 hours, the productivity is 0.5 per hour. However, if productivity remains unchanged and the workforce is reduced by 50% after […]
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