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Part of the strong productivity growth in computers represents improvement in quality.
Many economists say that strong productivity growth goes hand in hand with a jobless recovery.
Japan also had a highly competitive domestic market, a high savings rate and strong productivity growth.
To make strong productivity gains, economists favor competition both from inside Japan and overseas.
Strong productivity growth has been achieved partly through the elimination of many mid-skilled jobs.
We're just not going to see the same sort of entrepreneurial spirit needed to generate those strong productivity gains.
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These countries have had much stronger productivity growth.
China had the strongest productivity growth at 8.2 percent, followed by India at 3.9 percent.
"For this rate cut to feed through into stronger productivity, it will take eight months -- and by that time, we think the European economy will be recovering".
"The economy has a greater capacity to grow because of stronger productivity growth," said James Glassman, an economist at J.P. Morgan Chase, who participated in the survey.
Still, judging whether or not a rise in share prices is justified by stronger productivity growth is not so different from deciding whether potential growth has increased in order to estimate the size of the output gap a standard input in all inflation forecasts.
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Justyna Jupowicz-Kozak
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