Originally Posted by BucEyedPea
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.
- (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
We have not produced more goods because we have less manufacturing facilities that produce goods. Therefore, PRODUCTION is lower. On the other hand, the manufacturing facilities that are still producing are producing more products with less workers. Therefore, PRODUCTIVITY is higher.