The slowdown in the rate of productivity improvement in recent years in the United States has led to some speculation that the American economy may be running out of technological steam and that it will be difficult in the years ahead to achieve an accelerated rate of productivity growth. In other industrialised nations, although rates of productivity advance have in recent years exceeded that registered in the American economy, nevertheless increasing concern has been voiced concerning the lag of manhour output behind escalating wage rates. The fact is that in all industrialised economies, recent economic developments have made businessmen, statesmen, and labour leaders increasingly aware of the need for an accelerated rate of improvement in manhour output if inflation is to be held within limits compatible with economic and political stability.
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