'in terms of output per hour worked, some EU countries are as productive as the US'
A weakness of this metric is that you can raise it by having a high minimum wage and other policies that discourage the employment of less skilled workers, while reducing total income by shutting some people out of the labor market.
A weakness of this metric is that you can raise it by having a high minimum wage and other policies that discourage the employment of less skilled workers, while reducing total income by shutting some people out of the labor market.