Uniwersyteckie Czasopisma NaukoweTechnological advances and their impact on productivity and standard of living – evidence from the last four decades
DOI:
https://doi.org/10.26881/ibage.2023.42.01Słowa kluczowe:
productivity, standard of living, advances in technology, human developmentAbstrakt
In this work, we investigated how productivity behaved globally and how labour productivity (LP) explained the standard of living in 1980–2019. To accomplish this, we checked descriptive statistics of productivity and compared adjusted R-squared and ANOVA F-statistics to check whether the role of LP has become more significant in explaining per capita income as a proxy for the standard of living over time. Our findings suggest that while LP grew on average, its inequality also increased. Despite all the technological changes, some countries have had significant losses in LP and some countries skyrocketed. The research demonstrates that although LP did not become a better predictor of the standard of living over time, it remains the best one there is, as the technological changes affecting LP are the same ones that are bringing better standard of living to the world. The paper highlights the need to invest in new ways and new technologies to improve labour productivity in companies and other organizations to achieve better standard of living in general.
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