Well, no gain without pain, they say. But what about pain without gain Everywhere you go in America, you hear tales of corporate revival. What is harder to establish is whether the productivity revolution that businessmen assume they are presiding over is for real.
The official statistics are mildly discouraging. They show that, if you put manufacturing and services together, productivity has grown on average by 1.2% since 1987. That is somewhat faster than the average during the previous decade. And since 1991, productivity has increased by 2% a year, which is more than twice the 1978—1987 average. The trouble is that part of the recent acceleration is due to the usual rebound that occurs at this point in a business cycle, and so is not conclusive evidence of a revival in the underlying trend. There is, as Robert Rubin, the treasury secretary, says, a "disjunction" between the mass of business anecdote that points to a leap in productivity and the picture
A. questions the truth of "no gain without pain"
B. does not think the productivity revolution works
C. wonders if the official statistics are misleading
D. has conclusive evidence for the revival of businesses
Well, no gain without pain, they say. But what about pain without gain Everywhere you go in America, you hear tales of corporate revival. 61) What is harder to establish is whether the productivity revolution that businessmen assume they are presiding over is for real.
The official statistics are mildly discouraging. They show that, if you lump manufacturing and services together, productivity has grown on average by 1.2% since 1987. That is somewhat faster than the average during the previous decade. And since 1991, productivity has increased by about 2% a year, which is more than twice the 1978 -1987 averages. 62) The trouble is that part of the recent acceleration is due to the usual rebound that occurs at this point in a business cycle, and so is not conclusive evidence of a revival in the underlying trend. 63) There is, as Robert Rubin, the treasury secretary, says, a "disjunction" between the mass of business: anecdote that points to a lea
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