In his post this morning, co-blogger Bryan Caplan attributes increased worker productivity to two factors:1. Practice.2. Management. I think he's right that these are quite important, but I think he's left out a more-important factor: the growth of capital per worker. Give workers more capital to work with and they will typically be more productive. It's true that they need to learn how to operate the capital, but even a worker who does a mediocre job of working with, say, a tractor, will be able to plow more ground than a very practiced worker working with a team of oxen. Once that mediocre worker gets practice, chances are that he will graduate to being a good worker. Once the farm owner
David Henderson considers the following as important: productivity
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