Lecture 4
... the end of 18th century. • The manufacturing sector had high wage costs, and downward rigidity of nominal wages and other production costs despite increasing international competition. • Innovative activity declined as witnessed by falling patent applications. ...
... the end of 18th century. • The manufacturing sector had high wage costs, and downward rigidity of nominal wages and other production costs despite increasing international competition. • Innovative activity declined as witnessed by falling patent applications. ...
Chapter 3 Section 2 Assessment
... budgeting a household income. 2) How does gross domestic product (GDP) provide a means to analyze economic growth? By showing the total value of all final goods and services for the year, which can be then compared to the GDP of previous years. 3) What does GDP tell economists about business cycles? ...
... budgeting a household income. 2) How does gross domestic product (GDP) provide a means to analyze economic growth? By showing the total value of all final goods and services for the year, which can be then compared to the GDP of previous years. 3) What does GDP tell economists about business cycles? ...
The Shape of China’s Future Growth
... Catching up with technology Quantitative expansion, crude growth Growth comes first The capacity of the world to accommodate China’s growth ...
... Catching up with technology Quantitative expansion, crude growth Growth comes first The capacity of the world to accommodate China’s growth ...
The Root Beer Game Debrief
... •Macroeconomics measures these fluctuations and guides policies to keep the economy stable. •The government has the responsibility to: • Promote long-term growth. • Prevent unemployment (resulting from a bust). • Prevent inflation (resulting form a boom). ...
... •Macroeconomics measures these fluctuations and guides policies to keep the economy stable. •The government has the responsibility to: • Promote long-term growth. • Prevent unemployment (resulting from a bust). • Prevent inflation (resulting form a boom). ...
FIJI UNDER EMBARGO UNTIL 07.00 GMT, WEDNESDAY, 6 AUGUST 2014
... The Government also plans to divest most of its shares in other key public enterprises in 2014. The deregulation of the energy sector moved forward, which is expected to promote competition and facilitate the provision of efficient and affordable electricity services to the general public. ...
... The Government also plans to divest most of its shares in other key public enterprises in 2014. The deregulation of the energy sector moved forward, which is expected to promote competition and facilitate the provision of efficient and affordable electricity services to the general public. ...
Transformational efficiencies and effectiveness in service delivery
... To facilitate economic transformation, there is a need for structural shift of resources such as labour from the less productive economic activities to manufacturing and the service industries. The presence of large productivity gaps between the manufacturing and service sectors on the one hand and ...
... To facilitate economic transformation, there is a need for structural shift of resources such as labour from the less productive economic activities to manufacturing and the service industries. The presence of large productivity gaps between the manufacturing and service sectors on the one hand and ...
International Trade
... • Modern Macro is “new.” • Before 1930s, the economy was thought to be primarily self-regulating (thought that markets would ‘clear’ by themselves). • Production and Unemployment in the Great Depression changed that view. • Production was extremely low. Employment was extremely low. • John Maynard ...
... • Modern Macro is “new.” • Before 1930s, the economy was thought to be primarily self-regulating (thought that markets would ‘clear’ by themselves). • Production and Unemployment in the Great Depression changed that view. • Production was extremely low. Employment was extremely low. • John Maynard ...
Sectoral Dislocation and Long Run Crises
... p is the price of agricultural goods in terms of manufactured goods, which is chosen as the numeraire, and E is the level of employment (E ≤ 1 - β); and where we have normalized the labor force at unity. ...
... p is the price of agricultural goods in terms of manufactured goods, which is chosen as the numeraire, and E is the level of employment (E ≤ 1 - β); and where we have normalized the labor force at unity. ...
Structural transformation and the evolution to higher
... • paid employment is a developed-country phenomenon, except at its lowest end (casual wage labour by the rural landless) • self-employment, with a significant share being « survivalist » is a developing-country phenomenon ...
... • paid employment is a developed-country phenomenon, except at its lowest end (casual wage labour by the rural landless) • self-employment, with a significant share being « survivalist » is a developing-country phenomenon ...
Transformation in economics
Transformation in economics refers to a long-term change in dominant economic activity in terms of prevailing relative engagement or employment of able individuals.Human economic systems undergo a number of deviations and departures from the ""normal"" state, trend or development. Among them are Disturbance (short-term disruption, temporary disorder), Perturbation (persistent or repeated divergence, predicament, decline or crisis), Deformation (damage, regime change, loss of self-sustainability, distortion), Transformation (long-term change, restructuring, conversion, new “normal”) and Renewal (rebirth, transmutation, corso-ricorso, renaissance, new beginning).Transformation is a unidirectional and irreversible change in dominant human economic activity (economic sector). Such change is driven by slower or faster continuous improvement in sector productivity growth rate. Productivity growth itself is fueled by advances in technology, inflow of useful innovations, accumulated practical knowledge and experience, levels of education, viability of institutions, quality of decision making and organized human effort. Individual sector transformations are the outcomes of human socio-economic evolution.Human economic activity has so far undergone at least four fundamental transformations:From nomadic hunting and gathering (H/G) to localized agricultureFrom localized agriculture (A) to internationalized industryFrom international industry (I) to global servicesFrom global services (S) to public sector (including government, welfare and unemployment, GWU)This evolution naturally proceeds from securing necessary food, through producing useful things, to providing helpful services, both private and public (See H/G→A→I→S→GWU sequence in Fig. 1). Accelerating productivity growth rates speed up the transformations, from millennia, through centuries, to decades of the recent era. It is this acceleration which makes transformation relevant economic category of today, more fundamental in its impact than any recession, crisis or depression. The evolution of four forms of capital (Indicated in Fig. 1) accompanies all economic transformations.Transformation is quite different from accompanying cyclical recessions and crises, despite the similarity of manifested phenomena (unemployment, technology shifts, socio-political discontent, bankruptcies, etc.). However, the tools and interventions used to combat crisis are clearly ineffective for coping with non-cyclical transformations. The problem is whether we face a mere crisis or a fundamental transformation (globalization→relocalization).