GDP Growth and Human Wellbeing
... what is bad) must be made when designing a new indicator such as Hamilton's GPI. This has often been the strongest criticism of those reluctant to change the present system. The way we present the accounts now is, they argue, 'more objective'. However, it is not, in fact, 'objective' to imply that a ...
... what is bad) must be made when designing a new indicator such as Hamilton's GPI. This has often been the strongest criticism of those reluctant to change the present system. The way we present the accounts now is, they argue, 'more objective'. However, it is not, in fact, 'objective' to imply that a ...
President’s Report Board Directors
... factors - poor weather, a stronger dollar, weaker business investment - but some of them are likely to be temporary in nature. The expectation remains for growth to pick up through the end of the year. The growth in real GDP in the first quarter primarily reflected positive contributions from person ...
... factors - poor weather, a stronger dollar, weaker business investment - but some of them are likely to be temporary in nature. The expectation remains for growth to pick up through the end of the year. The growth in real GDP in the first quarter primarily reflected positive contributions from person ...
Integration, Productivity, and Inclusion in Mexico: A Macro Perspective*
... explained to some extent by the conceptual framework about technological innovation and economic catch-up proposed by Lee in his chapter in this book (see also Lee, 2013). As Lee observes, what ultimately drives increases in real wages and living standards is a sustained high rate of economic growth ...
... explained to some extent by the conceptual framework about technological innovation and economic catch-up proposed by Lee in his chapter in this book (see also Lee, 2013). As Lee observes, what ultimately drives increases in real wages and living standards is a sustained high rate of economic growth ...
financial liberalization
... SΔB,it are the mean, standard deviation, and skewness of the real credit growth rate, respectively. We estimate eq. (2) using the same type of overlapping panel data regression as for eq. (1). Columns 1-4 through 1-7 of Table 1 report the estimation results. Consistent with the literature, we find t ...
... SΔB,it are the mean, standard deviation, and skewness of the real credit growth rate, respectively. We estimate eq. (2) using the same type of overlapping panel data regression as for eq. (1). Columns 1-4 through 1-7 of Table 1 report the estimation results. Consistent with the literature, we find t ...
MICHIGAN ECONOMIC UPDATE Office of Revenue and Tax Analysis
... Compared to a year ago, unemployment rates rose in all 17 major Michigan labor market areas. The median unemployment rate increase was 3.1 percentage points. Nine areas saw rate increases exceeding 3.0 percentage points. Three areas saw increases greater than 4.0 percentage points: Monroe MSA (4.7 p ...
... Compared to a year ago, unemployment rates rose in all 17 major Michigan labor market areas. The median unemployment rate increase was 3.1 percentage points. Nine areas saw rate increases exceeding 3.0 percentage points. Three areas saw increases greater than 4.0 percentage points: Monroe MSA (4.7 p ...
business cycle
... Because a recession influences the economy broadly and is not confined to one sector, the committee emphasizes economy-wide measures of economic activity. The committee views real GDP as the single best measure of aggregate economic activity. In determining whether a recession has occurred and in ...
... Because a recession influences the economy broadly and is not confined to one sector, the committee emphasizes economy-wide measures of economic activity. The committee views real GDP as the single best measure of aggregate economic activity. In determining whether a recession has occurred and in ...
Laying the foundations for future prosperity: the longer term
... university places from 2012 along with increases in per place funding. ...
... university places from 2012 along with increases in per place funding. ...
Labour force projections - Motu Economic and Public Policy Research
... there’s no strong evidence that demonstrates that cognitive skills decline with age and that worker productivity depends on many factors including the extent to which cognitive skills are relevant to specific jobs – Furthermore others argue that population ageing causes shifts in both labour supply ...
... there’s no strong evidence that demonstrates that cognitive skills decline with age and that worker productivity depends on many factors including the extent to which cognitive skills are relevant to specific jobs – Furthermore others argue that population ageing causes shifts in both labour supply ...
Chapter_14_How_Economies_Grow_Nov_8_2006
... growth. In particular, the model led to much discussion of the role of savings in providing the basis for growing levels of manufactured capital per worker. Technological change also received attention, since this was thought to be the main driver behind growth in the value of "A." For many years, e ...
... growth. In particular, the model led to much discussion of the role of savings in providing the basis for growing levels of manufactured capital per worker. Technological change also received attention, since this was thought to be the main driver behind growth in the value of "A." For many years, e ...
PDF
... expenses did not change considerably (in Germany it was 11.49% in 2000 and 11.05% in 2010; in France – 14.14 % in 2000 and 13.18% in 2010) (Rembisz et al. 2011)8. This situation is caused by the increasing share of more expensive food, which is highly processed and refined. As the income grows, cons ...
... expenses did not change considerably (in Germany it was 11.49% in 2000 and 11.05% in 2010; in France – 14.14 % in 2000 and 13.18% in 2010) (Rembisz et al. 2011)8. This situation is caused by the increasing share of more expensive food, which is highly processed and refined. As the income grows, cons ...
The German Labour Market Puzzle in the Great
... suffered a substantial shock, employment reactions were comparably mild (see figure 3). Paul Krugman (2009) termed this phenomena “Germany’s job miracle” and highlights the exceptional stability of Germany’s labour market. Exceptional specifically when comparing Germany’s employment patterns to thos ...
... suffered a substantial shock, employment reactions were comparably mild (see figure 3). Paul Krugman (2009) termed this phenomena “Germany’s job miracle” and highlights the exceptional stability of Germany’s labour market. Exceptional specifically when comparing Germany’s employment patterns to thos ...
3 Economic Environment of Business
... command economy to make decisions about what, how, and for whom goods and services will be produced. In a mixed economy, the national government makes production decisions for certain goods and services. For example, the post office, telephone system, schools, health care facilities, and public util ...
... command economy to make decisions about what, how, and for whom goods and services will be produced. In a mixed economy, the national government makes production decisions for certain goods and services. For example, the post office, telephone system, schools, health care facilities, and public util ...
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).