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Labor productivity is the basic source
of improving our standard of living. This year, advances in
technology in the U.S.A. have caused more production for less
hours worked. That means all of us can be paid more in
comparison to the cost of living.
Our current strong economic growth, low unemployment, low
inflation, and soaring stock market prices are the direct result
of new technology such as cell phones and computers helping
businesses keep track of orders, supplies, production and
deliveries. Businesses are now meeting customer’s needs more
quickly and at lower real cost than at any time in all of prior
history.
This is really good news for all of us,
but even better news is that the improvement trend is not only
continuing, but the pace of improvement is picking up speed.
Hold on to your hat! - the changes in the next 10 years should
be many times greater than the changes we experienced in the
last 10 years.
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