Answered Essay: Explain how labour productivity is determined. In your answer address why human capital is

Explain how labour productivity is determined. In your answer address why human capital is considered to be so vital to lifting labour productivity levels. To illustrate your understanding provide an example. (at least 300 words)

Expert Answer

Labor productivity is total measure of economic growth within a country. It is a measure of the total goods produced in one hour of labor. Labor productivity is a measure of the real gross domestic product. Its dependent on savings of physical capital, new technologies as well as human capital.

Human capital is a very necessary kind of investment for improving the overall labour market outcomes in each and every country around the globe. Human capital is directly related to the labour productivity, the human capital better the labour productivity. Human capital includes various number of differently skilled people who are educational advance and killed in their field. By taking skills for girls in an organisation human capital plays an essential role in increasing overall productivity as well as efficiency of the organisation. By hiring the higher education workers and providing them with inservice training as a statistically advance patta improve the labour productivity. By hiring the higher skilled workers companies reduce their overall profit by expanding more on hiring the educated workers but they also provide extreme efficiency which compensate the overall labour productivity. Why provision of specific training towards the organisation these employees should contribute more benefit than their actual cost. Workers cognitive as well as non cognitive also measured decide the education. Where is caves on information technology is one of the most important cognitive freezing the overall productivity in each and every manufacture around the globe. Non cognitive skills such as time management, communication and leadership provide positivity to the impact of the labour productivity.

For example there is a worker named Smith. We work in a factory that makes wooden boxes which are fixed together. We has a tool which can fix 4 wooden boxes every hour and helps in fixing those boxes. Smith’s labour productivity is 4 wooden boxes per our. One day smith gets another joining tool which two tools he can produce a wooden boxes every hour. Now Smith’s productivity level has increased from 4 boxes per hour to 8 boxes per hour. As you can see the increased physical capital has increased the smith’s overall productivity by 100%. It happened because of the increased capital available to him.

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