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Innovation and Productivity
Author(s) -
Thomson Russell,
Webster Elizabeth
Publication year - 2013
Publication title -
australian economic review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.308
H-Index - 29
eISSN - 1467-8462
pISSN - 0004-9018
DOI - 10.1111/1467-8462.12046
Subject(s) - productivity , economics , per capita , standard of living , labour economics , economic growth , market economy , population , demography , sociology
A country's standard of living is largely governed by economic output per capita, which corresponds closely with output per worker (labour productivity). Sustained growth in productivity over the long term requires finding ways to invest that avoid diminishing returns and this invariably means innovation and new technology .