What is economic productivity?

For many, the word “productivity” evokes thoughts of completing a to-do list or running errands. But in economics, productivity refers to how efficiently a good or service is produced with inputs like labour or energy. And Canada’s economic productivity has been stalling and it’s impacting our economy. In this episode, Scotiabank’s Director of Forecasting Patrick Perrier joins us to break down Canada’s productivity problem, explain how it affects Canadians directly and much more. For legal disclosures, please visit http://bit.ly/socialdisclaim and www.gbm.scotiabank.com/disclosures Key moments this episode: 1:42 – What economists mean when talking about productivity3:02 – Why productivity should matter to Canadians6:30 – Canada’s productivity performance in recent years8:35 – What caused Canada’s poor productivity11:26 – Why productivity measures are volatile and hard to track12:48 – Is productivity about replacing workers or making them work harder?13:31 – How transformations like the Industrial Revolution and AI affect employment14:52 – Why is productivity especially important for Canada’s success today15:32 – How can countries like Canada improve productivity?17:29 – Is Canada on the right track with productivity?18:37 – Other countries that managed productivity well19:36 – Where to find productivity numbers reported20:04 – Patrick’s main takeaways on productivity