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Discussion in 'Political Action Forum' started by Lip Shooter, Dec 4, 2017.
A what? A robot? Like the one on the Jetsons?
Pin, it's called robotics. Not a robot. Hey, you been spending time in Alabama? Why don't you spend some time talking to manufacturers and such like the autos, Cat, Cummings and many others. It's much more insightful then whatever Al is likely trying to teach you.
Words need to be changed added and removed for Pinnys post to make sense, cut him some slack.
It’s called artificial intelligence. Pinny trades big in that sector. (Not to be confused with fake intelligence)
This, This is why I love this place!
Are you saying that productivity can be increased without an increase in the size of the workforce? Why I'm shocked. SHOCKED I TELL YOU!
Again - an increase in productivity allows companies to produce greater output for the same level of input, earn higher revenues that generates a higher GDP.
And you have trouble with the less workers = less tax revenue part? You are coming around buddy!
Hey Pin, you said productivity increases brought GDP growth. I said it CAN, but it isn't a guarantee! Please re-read, slowly the previous conversation string here. Can you please stay centered on this topic. Also, an increase in productivity DOES NOT mean that a company WILL increase output. It often means it simply has reduced cost and grown profit. Profit DOES NOT automatically mean GDP growth. Now, there is no way you don't understand this!!!! Take the first plane out of Alabama and get back to Florida.
Unemployment is now only 4.4% (U-3) and yet US labor productivity has only grown about 1.4% per year over the last 14 years. Why is that? The income gap is widening? Why is that?
In order for companies to hire more workers they first need to increase productivity. As Janet Yellen recently stated: “We have a lot of jobs being created in the face of not much output growth. Unfortunately, that means that productivity growth, which is the growth in output per worker [per hour worked], is very slow. Since productivity growth ultimately determines the pace of improvement in living standards for society as a whole, that’s a serious and negative development.”
Of course it's not "guaranteed" but historically an increase in US Productivity has increased US GDP.
And how are you calculating Productivity? If you calculate Productivity by dividing the output produced by the units of input, then an increase in productivity DOES mean that a company WILL increase output because again, for the 100th time, an increase in productivity allows companies to produce greater output for the same level of input.
Productivity = Output Produced/Units of Input
If Units of Input are the same, and Productivity increases, it is because their has been an increase in Output Produced.