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Since 2001, worker productivity growth in Canada has been sluggish compared what it has been the United States. Yet GDP has grown at roughly the same pace. It follows that Canada’s gains were accompanied by a strong surge in employment.
That said, Canadian inflation has behaved as though the country’s economy had no price to pay for its anemic worker productivity.
As a result, whether worker productivity has been properly measured becomes a legitimate question, particularly in light of the fact that the Canadian economy has been restructuring.
What renders Canada’s productivity shortfall particularly perplexing is the fact that since 2001, Canadian businesses have invested proportionately more in their capital stock than U.S. businesses have.
Since it is hard to get a good reading of the situation, economists need to be careful. In these circumstances the margin of error is larger with regards to monetary policy.
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