Question of the Day

Which of the following factors is the primary driver of living standards?

Correct Answer

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Wide-ranging facts summarized by Janet Yellen (and various other economists with wide-ranging political views) show that "the most important factor determining living standards is productivity growth, defined as increases in how much can be produced in an hour of work. Over time, sustained increases in productivity are necessary to support rising incomes." The first link below documents the factors that boost and depress productivity. The next two links provide facts about consumer spending and income inequality.

DocumentationProductivityConsumptionIncome Inequality




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