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The major incentive to productivity and efficiency are social and moral rather than financial.

 

Peter F. Drucker

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But what would become of mass production and its system of financial expansion if technical perfection, durability, social efficiency, and human satisfaction were the guiding aims. The very conditions for current financial success — constantly expanding production and replacement — works against these ends. To ensure the rapid absorption of its immense productivity, megatechnics resorts to a score of different devices: consumer credit, installment buying, multiple packaging, non-functional designs, meretricious novelties, shoddy materials, defective workmanship, built-in fragility, or forced obsolescence through frequent arbitrary changes of fashion. Without constant enticement and inveiglement by advertising, production would slow down and level off to normal replacement demand. Otherwise many products could reach a plateau of efficient design which would call for only minimal changes from year to year.

 

Lewis Mumford

 

Even in financial markets, the concept of market efficiency does not hold.

 

Paul Ormerod

 

In America, despite the amazing rise in productivity we’ve had in the last 30 years, real wages have actually gone down. All of the increase in productivity has been taken by the finance, insurance, and real estate sector, called the FIRE sector, almost all of it by the financial sector. ... So instead of having industrial capitalism a century ago, we have a finance capitalism that actually is stifling industrial capitalism here. So what Alan Greenspan and others call the postindustrial economy is really neo-feudalism. It’s a financialized economy where all of the surplus goes to the banks. - December 2010

 

Michael (economist) Hudson

 

We are again confronted with one of the most vexing aspects of advanced industrial civilization: the rational character of its irrationality. Its productivity and efficiency, its capacity to increase and spread comforts, ... the extent to which this civilization transforms the object world into an extension of man's mind and body makes the very notion of alienation questionable. The people recognize themselves in their commodities; they find their soul in their automobile, hi-fi set, split-level home, kitchen equipment. The very mechanism which ties the individual to his society has changed, and social control is anchored in the new needs which it has produced.

 

Herbert Marcuse

 

During the 1960s, and again in the 1970s, growth in manufacturing productivity in the United Kingdom was the lowest of all the seven major industrial countries in the world. During the 1980s, our annual rate of growth of output per head in manufacturing has been the highest of all the seven major industrial countries.

 

Nigel Lawson