ERIC Number: ED431105
Record Type: RIE
Publication Date: 1999-Jun
U.S. Productivity: The Challenges Ahead.
Workforce Economics, v5 n2 p3-7 Jun 1999
Despite the soaring stock market, low unemployment, and low inflation rate, the long-term prospects for U.S. economic health remain a cause for concern. Labor productivity has slowed since 1973. As a result of this slowdown, many companies are investing in work force development and new equipment to boost productivity. Long-term economic health and higher standards of living can be achieved only by accelerating the economy's growth rate and productive capacity. Several factors have contributed to the slowdown in productivity, including rising oil prices and lagging business investment. Some have suggested that changes in the sectoral composition of output make productivity more difficult to measure. During the 1990s, low rates of productivity have been partly due to tight labor markets and unskilled labor pools. Improved education is a partial remedy to the productivity problem. Clearly, efforts to improve all aspects of the education and training system will be critically important and will have serious implications for the future health of the U.S. economy. Raising academic standards, improving teacher quality, and ensuring that companies and individuals invest in their education and training will be important ingredients for boosting productivity and, ultimately, economic growth in the years and decades to come. (MN)
Descriptors: Adult Education, Economic Climate, Economic Factors, Education Work Relationship, Educational Economics, Educational Improvement, Educational Needs, Educational Trends, Elementary Secondary Education, Labor Force, Labor Force Development, Needs Assessment, Productivity, Training, Trend Analysis
Publication Type: Journal Articles; Reports - General
Education Level: N/A
Authoring Institution: National Alliance of Business, Inc., Washington, DC.