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Here’s the recipe for growing an economy:
“The growth rate of real per capita output is the sum of the growth rate of real per capita labor input and productivity growth.
Productivity … is determined by the technology and regulatory structure of the economy and therefore is largely independent of spending policies.”
The good words come from two economists, Harold L. Cole of the University of Pennsylvania and Lee E. Ohanian of UCLA. Their essay appeared Sept. 26 in the Wall Street Journal.
Growing real per capita labor input means more people working more. Doing more stuff and doing existing tasks more efficiently grows productivity.
Companies are doing something about growing real per capita output.
The motivation is survival, not altruism, though the altruism of greater economic output appears as a side benefit.
Survival leads the motivators because without new and/or improved products, companies die.
“Safe round sand” results from using the Cemco Glass Gator.
Family-owned and operating internationally, Cemco, of Belen, has been in what it calls the “product reduction business” for decades.
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