Not convinced. Raising prices and increasing the velocity of money, which is easy to do in the service economy, coupled with increased online purchasing and online advertising, can greatly increase the GDP without increasing hours worked. A strong dollar also helps. Doctors giving patients 10 minutes, instead of 1/2 hour, and charging more than 1/.3 the previous rate, greatly increases productivity but not recommended.
Great analogy in the conclusion with the “bulking” and “cutting”!
Not convinced. Raising prices and increasing the velocity of money, which is easy to do in the service economy, coupled with increased online purchasing and online advertising, can greatly increase the GDP without increasing hours worked. A strong dollar also helps. Doctors giving patients 10 minutes, instead of 1/2 hour, and charging more than 1/.3 the previous rate, greatly increases productivity but not recommended.
Great piece!