Perspectives
Why Canada's lagging productivity could harm your standard of living
Feb 14, 2024
This podcast discusses Canada's declining productivity and its impact on standard of living. It explores the definition of productivity, how it's measured, and why it's important. It addresses Canada's historical productivity, the mystery behind its lagging performance, and the potential long-term consequences. The podcast also highlights the challenge of finding the cause and solution to declining productivity. Overall, productivity is considered the number one public policy issue in Canada.
19:18
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Quick takeaways
- Productivity is the most important economic variable that significantly impacts a country's standard of living.
- Canada faces challenges in productivity compared to other advanced economies due to lower business investment and potential cultural factors.
Deep dives
Importance of Productivity
Productivity is the most important economic variable that significantly impacts a country's standard of living. It measures how much a country can produce per working person. When productivity levels decline, it means producing less with the same resources, which has implications for the standard of living. In Canada, productivity has been declining, and the country already lags behind others. This decline hinders the ability to generate an increase in the standard of living, which indicates a failure of the economy and government.
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