Why We Aren’t Paying Enough Attention to Productivity

The video discusses the focus on inflation and economic growth, analyzing productivity and inflation trends. It highlights challenges in measuring productivity due to technological gains and examines job growth and sector shifts. The discussion also explores inflation models, the Phillips curve, and global economic factors affecting employment and wage growth.

What was the GDP growth rate in the second quarter as mentioned in the video?

• 2%

• 5%

• 3%

• 4%

What is one reason given for the downtick in inflation despite economic growth?

• High unemployment

• Transitory factors

• Increased consumer spending

• Government intervention

How does the video suggest we can reconcile robust growth with mediocre inflation?

• By increasing interest rates

• By increasing taxes

• By assuming the economy is becoming more productive

• By reducing government spending

What sector has seen a downtick in job growth due to factors like Amazon?

• Retail

• Construction

• Technology

• Manufacturing

What is the relationship between unemployment and inflation according to the Phillips curve?

• No relationship

• Inverse relationship

• Direct relationship

• Cyclical relationship