This document discusses productivity, including its definition, measurement, and explanations for growth. It provides the following key points: 1. Productivity is defined as output per input, where output is value added and input includes costs of labor, capital, and bought goods and services. Productivity can be measured at the firm, sector, or economy level. 2. Productivity is commonly measured as labor productivity (value added per worker) or total factor productivity (amount output exceeds inputs). International comparisons examine levels in a common currency or growth rates in national currencies. 3. Recent productivity growth rates have been below long-term trends in many countries. Increased investment in capital equipment, skills, R&D, and