By Alan Griffiths, Stuart Wall
Utilized Economics is perfect for undergraduates learning economics, company reviews, administration and the social sciences. it's also appropriate for these learning expert classes, HND and 'A' point courses."Applied Economics" communicates the energy and relevance of the topic to scholars, bringing economics to existence. Containing updated info on monetary matters and occasions, the publication is helping scholars observe monetary rules to the 'real global' and provides them an perception into the problems of formulating and imposing monetary coverage.
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Extra info for Applied Economics
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. However, since there may be changes in the structure of jobs between full- and part-time or in the length of the working week or number of holidays, then a more useful measure of labour productivity is arguably output (value added) per person hour.
14 presents levels of relative unit labour costs (RULC) for the four countries identified between 1973 and 1995 (UK # 100), providing a further insight into the competitive position of the UK. In terms of the whole economy, in 1995 the UK had a small (5%) competitive disadvantage relative to the US in terms of RULC, but was actually more cost-efficient on this measure than France (by 18%), Germany (by 30%) and Japan (by 90%). 14 Relative unit labour costs (UK # 100). 15. (91) and financial business services (65), but France, Germany and Japan all had significantly higher RULC than the UK in all these sectors.
The US was 90% more capital intensive than the UK, and the figures for France and Germany were 109% and 99% higher respectively. ICT capital per hour worked was also 214% higher in the US and 59% higher in France. In general, these figures show the UK’s generally inadequate performance in terms of capital intensity per hour worked in 1999. Additional research over the period 1989–99 shows that the overall gap between the UK’s relative levels of capital per hour worked compared to the US, France and Germany did narrow a little over the decade but that the convergence began to falter in the late 1990s (O’Mahoney 2002).