Question

According to the World Bank the U.S. output rivals that of China, which has over three...

According to the World Bank the U.S. output rivals that of China, which has over three times the population of the U.S.

Respond to the following:

Why do U.S. workers produce more compared to Chinese workers?

What are the determinants of the productivity of labor?

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Answer #1

US workers produce more compared to Chinese workers because they have higher productivity. According to bureau of labour statistics, US workers productivity increases by 7% in 2009 which is higher than any other country.

Determinants of productivity are-

Human capital- human capital includes investment on education and development of skills. US has been spending high on human development. Higher human development leads to higher productivity of workers.

Low level of inflation- inflation also plays for labour productivity. When there is high inflation people feel reluctant to invest which lowers labour productivity. In US inflation has been maintained.

Capital equipment- better capital equipment also improves labour productivity.

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