Labor productivity is the value that each employed person creates per unit of his or her input. Being more productive essentially means you can do more in the same amount of time. Governmental policies are one of the fundamental factor in determining how fast the economy grows, and how fast the average standard of living grows. Broadly speaking, government policy works best when it can address a need that the private sector neglects which refers to investment in basic research, infrastructure, early childhood education, schooling, and public health. Governments can take sensible actions to promote more rapid productivity growth.
For example, Government increases bank lending, encourage the uptake of the living wage or raise the national minimum wage.
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