[Autom. eng. transl.] The author, in the Encyclopaedia entry Treccani, begins by providing the following definition of productivity. Productivity is the term used in political economy to express a certain relationship between the productive factors and the production that is obtained from them. Economists consider the production of any economic good or all the economic assets of a country, as the result of the combination of productive factors that can be reduced to: work, capital, natural resources. Later, he criticizes the marginalist school for its intention to isolate a certain causal relationship to elaborate the concept of marginal productivity and express it in mathematical terms. The author concludes by saying that to date, the only concept that has found significant statistical applications has been that of average productivity, often simply called productivity. It should be noted that the practical relevance of the average productivity of the productive factors is associated not so much with its absolute value as with the variations of this value over time. These variations in fact constitute the indication of either technical progress or the application of new production methods, or both together; which can have important consequences on the structure of prices and wages.
|Translated title of the contribution||[Autom. eng. transl.] Productivity|
|Publication status||Published - 1961|
- scuola marginalista