Growth Theories
... Robert Solow discovered that diminishing returns are well described by the one-third rule: With no change in technology, on the average, a 1 percent increase in capital per hour of labor brings a 1/3 percent increase in labor productivity (real GDP per hour of labor). For example, suppose capital pe ...
... Robert Solow discovered that diminishing returns are well described by the one-third rule: With no change in technology, on the average, a 1 percent increase in capital per hour of labor brings a 1/3 percent increase in labor productivity (real GDP per hour of labor). For example, suppose capital pe ...
Long roots of the crisis - Michael Roberts Blog
... a massive destruction of US value and wealth; and the Great Depression of the 1930s also. Now we have suffered the first Great Recession and are in the Long Depression of the 21st century. We hold that the key to understand the sequence of booms and busts is the movement of the profit rate. 1 Indivi ...
... a massive destruction of US value and wealth; and the Great Depression of the 1930s also. Now we have suffered the first Great Recession and are in the Long Depression of the 21st century. We hold that the key to understand the sequence of booms and busts is the movement of the profit rate. 1 Indivi ...
Ch 9
... more rapid spread of technology higher rates of economic growth domestic industries' access to larger markets all of the above ...
... more rapid spread of technology higher rates of economic growth domestic industries' access to larger markets all of the above ...
Aggregate Supply and Aggregate Demand
... Derive AS/AD model Understand cause & consequences of change in AS/AD • Short run vs Long run • Effects on economic growth, prices, unemployment. ...
... Derive AS/AD model Understand cause & consequences of change in AS/AD • Short run vs Long run • Effects on economic growth, prices, unemployment. ...
11 - Weber State University
... B) labor productivity increases more rapidly than the real wage rate. C) labor productivity has increased at the same rate as the real wage rate. D) labor’s share of national income is not affected by the relative growth rates of labor productivity and the real wage rate. Answer: B 60) Which of the ...
... B) labor productivity increases more rapidly than the real wage rate. C) labor productivity has increased at the same rate as the real wage rate. D) labor’s share of national income is not affected by the relative growth rates of labor productivity and the real wage rate. Answer: B 60) Which of the ...
LCwasL56_en.pdf
... lie the questions: is there indeed a new economy?; has higher business investment in new equipment coupled with technological advances mean there has been an increase in trend productivity growth thus raising prospects for continued robust econom ic growth in the future? As the Federal Reserve’ s Ch ...
... lie the questions: is there indeed a new economy?; has higher business investment in new equipment coupled with technological advances mean there has been an increase in trend productivity growth thus raising prospects for continued robust econom ic growth in the future? As the Federal Reserve’ s Ch ...
presentación
... •Access to basic services •Business climate improvement , private sector and financial sector development for inclusive growth • Global knowledge and TA for development of sector strategy and policy •Gender mainstreaming in projects ...
... •Access to basic services •Business climate improvement , private sector and financial sector development for inclusive growth • Global knowledge and TA for development of sector strategy and policy •Gender mainstreaming in projects ...
Photomask Revenue
... are improving, but lingering uncertainty remains a strong inhibitor Consumer spending – U.S. consumers certainly have done their part but could fatigue any time; need stronger consumer spending in Europe and Japan Dollar depreciation – Dollar has dropped for temporary and more fundamental reasons; w ...
... are improving, but lingering uncertainty remains a strong inhibitor Consumer spending – U.S. consumers certainly have done their part but could fatigue any time; need stronger consumer spending in Europe and Japan Dollar depreciation – Dollar has dropped for temporary and more fundamental reasons; w ...
ROMANIA'S REAL CONVERGENCE TO THE EUROPEAN UNION
... periods. It seems that very large deficits have recently been caused also by an overheating economy. In terms of financing, net inflows of direct investment covered almost entirely the external deficit until 2006. However, lately, a significant proportion of the deficit was financed by inflows of ot ...
... periods. It seems that very large deficits have recently been caused also by an overheating economy. In terms of financing, net inflows of direct investment covered almost entirely the external deficit until 2006. However, lately, a significant proportion of the deficit was financed by inflows of ot ...
Keynesian economics Keynesian economics (pronounced /ˈkeɪ
... published a series of books and articles which focused on the effects of state power and large economic trends, developing the idea of monetary policy as something separate from merely maintaining currency against a fixed peg. He increasingly believed that economic systems would not automatically ri ...
... published a series of books and articles which focused on the effects of state power and large economic trends, developing the idea of monetary policy as something separate from merely maintaining currency against a fixed peg. He increasingly believed that economic systems would not automatically ri ...
Potential and Limitations of Pro-Poor Macroeconomics: An Overview Giovanni Andrea Cornia
... much worse if most of the poor work in the export sector. As shown in Chapter 12, in 1999, the application of such a policy in Uzbekistan transferred 16 per cent of gross domestic product (GDP) from agriculture to the manufacturing sector, massively raising in this way rural poverty and overall ineq ...
... much worse if most of the poor work in the export sector. As shown in Chapter 12, in 1999, the application of such a policy in Uzbekistan transferred 16 per cent of gross domestic product (GDP) from agriculture to the manufacturing sector, massively raising in this way rural poverty and overall ineq ...
Unit Two Test
... B. Unemployment will increase in one country and decrease in the other. C. There will be more efficient production in one country but less efficient production in the other. • D. Both countries will be better off. • E. Both countries will be producing their commodity inefficiently. ...
... B. Unemployment will increase in one country and decrease in the other. C. There will be more efficient production in one country but less efficient production in the other. • D. Both countries will be better off. • E. Both countries will be producing their commodity inefficiently. ...
Global Monthly May 2017.pub
... Business cycles in the United States are highly synchronous with those of other economies (Figure 5.A). This partly reflects the strength of trade and financial integration between the U.S. economy and the rest of the world. The United States is prominent in virtually every global market, accounting ...
... Business cycles in the United States are highly synchronous with those of other economies (Figure 5.A). This partly reflects the strength of trade and financial integration between the U.S. economy and the rest of the world. The United States is prominent in virtually every global market, accounting ...
Глава 3
... differs from it in that a hyperbola grows much faster in its final stage and much slower at the beginning. That is why humanity developed quite slowly over a very long period and very rapidly afterwards. Normally complex systems are elastic and restore their state once a deviation from equilibrium h ...
... differs from it in that a hyperbola grows much faster in its final stage and much slower at the beginning. That is why humanity developed quite slowly over a very long period and very rapidly afterwards. Normally complex systems are elastic and restore their state once a deviation from equilibrium h ...
NBER WORKING PAPER SERIES Roger E.A. Farmer Dmitry Plotnikov
... In textbook Keynesian analysis, fiscal policy works because consumption depends on income. But research on the consumption function after WWII (Dusenberry, 1949; Friedman, 1957) found that consumption is better explained by wealth. Milton Friedman developed the permanent income theory in which he ex ...
... In textbook Keynesian analysis, fiscal policy works because consumption depends on income. But research on the consumption function after WWII (Dusenberry, 1949; Friedman, 1957) found that consumption is better explained by wealth. Milton Friedman developed the permanent income theory in which he ex ...
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).