The recent running of the Melbourne Cup provided an opportunity to compare the productivity gains by the thoroughbred racing industry and the Australian farm sector. By using improvements in the time of the winning horse as a proxy for productivity gains by the thoroughbred industry, and the recently published national agricultural productivity growth figures for Australia published by the US Department of Agriculture an interesting comparison can be made. Which sector do you think has enjoyed the greatest 'productivity growth'? View the rest of the post here
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