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English to Chinese: Productivity and the riddle of the American miracle General field: Bus/Financial Detailed field: Economics
Source text - English Growth in output per hour, better known as productivity, is the life blood of economic progress. It makes an enormous difference whether productivity grows at 3 per cent or 1 per cent a year, with the higher number implying a doubling of society's average standard of living in a single generation and the lower number implying that it will take three generations for the same doubling to occur.
For most of the period since 1970, the US was in the back seat, with its productivity growth chugging along at a mere 1.4 per cent a year, while Europe grew at well above 2 per cent. But starting in 1995 something extraordinary happened. America's productivity growth sped up while Europe's slowed. A host of research studies attributed most, if not all, of the US's surge to its dominance in making computers and developing software. Intel and Microsoft are familiar names that symbolise US dominance in the information and communications technology (ICT) sector.
by Robert Gordon, 08/21/2004 Financial Times
Translation - Chinese 解读生产率和美国奇迹之谜
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