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Old 03-20-2013, 07:48 PM   #26
BucEyedPea BucEyedPea is offline
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Quote:
Originally Posted by LoneWolf View Post
You are confusing production with productivity.
They are related. Either way, we have not produced more goods instead we print money. There's no increase in real wealth or income.
People just feel richer than they are due to the extra money in circulation. To keep it brief.

http://www.thefreedictionary.com/productivity

2. productivity - (economics) the ratio of the quantity and quality of units produced to the labor per unit of time
economic science, economics, political economy - the branch of social science that deals with the production and distribution and consumption of goods and services and their management
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