Watch The Productivity Numbers

It is possible that millions of American entrepreneurs, managers, and employees who believe that their productivity is rising are dead wrong. It may also be that people who see productivity gains in their own companies commit a fallacy of composition when they project it onto the broader economy. And it is conceivable that 4% annual economic growth, 4.9% unemployment, 1.4% annual inflation, plus 1.6% annual real wage gains are all serendipitous events, stemming from lucky breaks on the dollar, the end of the cold war, or the balanced budget. Perhaps, but there is another explanation.

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