Productivity growth is all important.
Productivity is a ratio – I could increase it right now by shooting half the population. It is the output that matters here, and how much we have to sacrifice to get it. Increasing output (which we value) while sacrificing things we don’t value as much as the output is key – not productivity growth persee.
This distinction is important because “productivity growth” is going to fly up over the next couple of years – as unemployment will rise. This isn’t necessarily a good thing, and it is not because of any parties polices.
When Labour was in power I was annoyed that output, and productivity, were ignored – as they ignored that in order to gain these “other things” like equality we were sacrificing some output. Now everywhere I turn ALL I HEAR is productivity.
Why don’t we just learn to look at the trade-offs associated with policies and then do what is in societies interest – instead of targeting arbitrary ratios.