CONCEPTUAL APPROACHES TO THE DEFINITION OF THE CATEGORY «LABOR PRODUCTIVITY»

Purpose. To analyze the process of formation of the category «labor productivity», the modern interpretation of this category, its place in the system of overall productivity and the degree of compliance with the current needs of the economy. Methodology. Labor productivity can be considered a qualitative characteristic of economic growth and an indicator of development based on the increase in production in demand in the market and the resulting profit. It depends on the amount of physical and human capital, different types of resources and technologies available to producers. Therefore, representatives of management at all levels, including the system of public administration, should take into account the fact that the level and quality of life of the population in the country depends on the ability of the economy to ensure the production of goods and services. Results. It is determined that the indicator of increasing labor productivity is the growth of value-added due to more rational use, and more coordinated functioning of all factors of production. Productivity characterizes how effectively resources are used in a country for the production of goods and services and is one of the elements of measuring economic growth, competitiveness and living standards. Originality. It is proposed to consider labor productivity as a socio-economic category that reflects the result of the interaction of productive forces and production relations in the form of the degree of appropriate and fruitful human activity, characterized by the ability of the employee to produce a unit of working time. Practical value. The main results show that it is necessary to create conditions for economic growth, variously encouraging high rates of accumulation of factors of production and ensuring their effective use.