Labor productivity is the key to economic growth of advanced countries. What is labor productivity, how is it calculated, and what are the factors that can be used to increase it? Can you explain the relationship between labor productivity, human capital growth, and technology change? Thanks.

Learning Nugget: For governments who have to balance their budget every year, having wildly swinging revenues is a problem. Property tax is a very stable source of revenue. Thats because it is efficient, insofar as it empowers local governments to make responsible decisions about which services are worth paying for.