Applied Economics, 10th Edition by Alan Griffiths, Stuart Wall

By Alan Griffiths, Stuart Wall

"Applied Economics" is perfect for undergraduates learning economics, enterprise experiences, administration and the social sciences. it's also appropriate for these learning specialist classes, HND and 'A' point courses."Applied Economics" communicates the power and relevance of the topic to scholars, bringing economics to existence. Containing up to date info on monetary matters and occasions, the booklet is helping scholars follow financial ideas to the 'real international' and provides them an perception into the problems of formulating and imposing financial coverage.

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Different economies may achieve different volumes of total output using similar quantities of factor input, because of variations in productivity. Productivity is the concept relating output to a given input, or inputs. e. e. capital productivity. However, a productivity measure which relates output to both labour and capital inputs is called total factor productivity (TFP). We now seek to investigate the UK’s productivity performance relative to other countries with the aid of these measures. The most widely used measure of a country’s economic efficiency is labour productivity and this is often defined as output (or value added) per person employed.

The UK would therefore appear to be more costcompetitive than its disappointing comparative productivity data might have indicated. Nevertheless it is important that the productivity gaps already identified be narrowed or removed. It is certainly doubtful as to whether the apparent alternative option of a low-wage, low-productivity industrial economy is viable, given the role of technology. Technical change is frequently embodied in the latest capital equipment, and has the effect of changing not just the volume of output per worker, but also the quality of products.

We have now completed our analysis of the relative performance of the UK vis-à-vis its main competitors in terms of various factors such as labour and total factor productivities, capital intensity and skill levels. 8. 13 Decomposition of relative labour productivity, 1999. USA France Germany 139 122 119 Relative labour productivity level (UK # 100) Percentage contributions: Total capital 21 96 73 Physical capital 24 82 54 Skills 03 13 19 79 4 27 Total factor productivity (TFP) Source: Adapted from O’Mahoney and de Boer (2002a).

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