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Productivity isn't everything, but in the long run it is almost everything. - Paul Krugman, 1994. The Age of Diminishing Expectations. (a) What is labour

"Productivity isn't everything, but in the long run it is almost everything."

Paul Krugman, 1994.

The Age of Diminishing Expectations.

(a)

What is labour productivity?

(b)

Assume that Krugman was talking about the effect of labour productivity on

economic growth. Discuss this quote. Do you agree with it?

(c)

According to discussion in Lecture 2, what are the two key factors which determine

labour productivity?

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