Technology, Productivity, Growth

• Productivity

  is one of the most closely watched indicators of long-term economic prospects.
• Labor productivity

  is the value that each employed person creates per unit of his or her input.
• Technological Change

  is a combination of invention— advances in knowledge—and innovation, which is putting that advance to use in a new product or service.
• Human Capital

  is the accumulated knowledge (from education and experience), skills, and expertise that the average worker in an economy possesses
• Aggregate Production Function the process whereby an economy as a whole turn economic inputs such as human capital, physical capital, and technology into output measured as GDP per capita.
• Compound Growth Rate

  the rate of growth when multiplied by a base that includes past GDP growth
• Human Capital the accumulated skills and education of workers.
• Innovation putting advances in knowledge to use in a new product or service.
• Invention advances in knowledge.
• Labor Productivity

  the value of what is produced per worker, or per hour worked (sometimes called worker productivity).
• Production Function the process whereby a firm turns economic inputs like labor, machinery, and raw materials into outputs like goods and services used by consumers.
• Technological Change a combination of invention—advances in knowledge—and innovation.
• Technology

  is the skills, methods, and processes used to achieve goals.
• The words "technology" comes from two Greek words:
• Techne meaning "art, skill, or cunning of hand"
• Logia, a suffix meaning "the study of"
• Gigging, the process of jumping from job to job or taking on multiple freelance jobs at one time, is growing in popularity, with some estimations predicting the gig economy will grow to over 40 percent of the workforce by 2020
• Another impact of technology in the workplace is the ease of working consistently as a freelancer in what is known as the gig economy.
• Total Factor Productivity - this is a true measure of productivity which encompasses all the factors of the productivity equation.
• Multifactor Productivity - the volume of output from a bundle of both labor and capital inputs. Estimating MFP is a complex exercise
• Partial Factor Productivity- examples are capital productivity (measured as GDP per unit of capital)5 and labor productivity.