The Economy in Perspective
A productive debate about monetary policy … A country’s rate of productivity growth determines how rapidly it can expand its standard of living. Although a 1% or 2% annual change in a country’s productivity growth rate may seem a small matter, it becomes significant when sustained over a long period. In practical terms, productivity growth enables people to have more of what they want over the course of their lives, whether it takes the form of food, clothing, shelter, or leisure time.
Suggested citation: "The Economy in Perspective," Federal Reserve Bank of Cleveland, Economic Trends, no. 99-10, pp. 01, 10.01.1999.