More on productivity

There's a post on the Radical Expectations blog titled Productivity and Whether the Sky is Falling. It looks at theories of economic growth and the relationship of labour market regulation and productivity. It concludes with:

As the chart makes clear, productivity in the mining Industry fell 17% this year! And it has been declining for years! This is a disastrous trend, sure to spell doom for our miners. Why aren’t we hearing about the catastrophic collapse of mining? Why aren’t we seeing long lines of lorries carrying bedraggled miners back from Karratha to Sydney?

Because that, in Julia’s words, would be “crap”.