I recently saw the term physical productivity in an article. What it means is output not measured in dollars, but in units of value. More and / or better cars, widgets, or services rendered – whatever people choose to buy.
This is a very useful term. Ultimately, physical productivity is the ONLY kind of productivity that actually improves the general standard of living, particularly if it pertains to the items the average person needs to maintain a reasonably comfortable lifestyle. Financial productivity, on the other hand, often fails to deliver widely-shared benefits.
The bad news is that physical productivity has hardly budged in Western economies for decades, resulting in the dysphoria that has become the new normal.