Productivity is essential to economic growth and progress, so it’s great news that productivity has picked up in the past two years. Productivity happens when an economy produces more from a given level of input, and that in turn usually means that businesses have invested in productivity-enhancing things such as machinery, tools, and computers, all of which allow workers to produce more with a given amount of effort or time. Productivity is also likely to result from a reduction in the costs of running a business, and that in turn usually means less red-tape, and reduced tax and regulatory burdens. Rising confidence can also help, since that helps give people the courage to work harder and take risk. Rising confidence can also make entrepreneurs more inclined to start new businesses and expand existing ones.
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