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Hub You - Research & Development for Sustainable Long-Term Growth in Economies
Twice as many women as men wish to cut back on work hours, even at the sacrifice of pay, according to a new study of labor statistics.The study found that while 5.6 percent of men would opt for less work hours, 10.1 percent of women would prefer less time spent in the workplace. The gap might reflect women’s unbalanced divide of household responsibilities, the researchers say. Enlightenment might be that women just feel they need to use more moment at home with their family.The results, detailed in the April issue of the U.S. Department of Labor's Monthly Labor Review, have suggestions for understanding why women’s partaking in the labor force, which had go up in the early 1990s, has leveled off more than the past five to 10 years, said the study’s lead author Lonnie Golden, a Penn State University economist.Golden also proposed the overworked might someway "lend" their hours to the unemployed.Woman's worldThe study results tell to the nation’s employment-unemployment rates and the underlying driver of a woman’s contribution in the work force.Recently, the joblessness rate in the United States is about 4.5 percent. But, the survey expose nearly a quarter of participants wanted more work. If the overworked could lend their hours to those either without jobs or in need of more revenue, the end result could be a w
LABOUR EQUILIBRIUM STATE
As work becomes busier, more people are employed. And increase in workers (labour) will increase the productivity of an industry. There comes a time, however, where, as the industry becomes more advanced, the labour factor can get saturated beyond the point of effectiveness and actually exceeds the optimum productivity. Further research has shown that as productivity increases, GDP increases and the standard of living also increases. The general incentive to make more money by working harder begins to be replaced by a desire to sacrifice more money for more private time. Because people are social creatures and not machines they value time away from work with friends and family. Because they make higher salaries, they trade off more money for more time knowing that they can now live the same lifestyle if they work less.
In so doing, the actual productivity of the labour force reaches an equilibrium point where it stops being beneficial to the industry, and level
Cartoon characters are something with which we have grown up with. Every kid loves to associate with one or the other cartoon characters. World of animation is full of imagination and creativity. Here imagination knows no limits. We come across various cartoon characters like Tom, Jerry, Mickey, Popeye, Tweety, etc. They all represent different personalities aspect derived from our day-to-day encounters with various living and non-living things like Mickey is a mouse, Richie rich is a millionaire boy. Kids love cartoons and like to have them on all their stuffs like clothes, quilts, shoes, socks, walls and so on. During some last years the use of cartoon printing on fabrics for kidswear has grown by leaps and bounds.Applying Toons on GarmentsCartoon printing on the garments has become very popular amongst people of various age groups. The concept of applying of toons character to the fabrics has become common in textile printing. Their application is not only limited to only kidswear, but toons are now printed on t-shirts for adolescents, adults, quilts, socks, handkerchiefs, bedsheets and bedcovers, curtains, etc which have become easily accessible in markets. The targeted segment of this market is mainly children of the age group 0-14 years. Here the selection of cartoon characters to be printed on the garment is decided by keeping the
Economists like to use the Gross Domestic Product (GDP) as an indicator for how well a country is doing. In order to make predictions regarding the future of countries and the industries that support the country it is essential to be able to evaluate just what makes the GDP vary so dramatically over time and across countries.
Over the past 130 years the output of countries has dramatically improved in a good portion of the world. Some countries have improved much better than others. Many studies have been done to determine what the factors are that influence the growth of the GDP. We will briefly touch on the major factors that have the most influence and then explain in a little more detail the important factors that have helped stable, mature industrial economies sustain long-term growth. After that we will discuss why the majority of these factors will not sustain continued growth in established economies and finally we will offer a solution for providing real sustained growth over the long term.
THE BUSINESS CYCLE
All businesses and economies, just like a stock market, have trends. There are also fluctuations to these trends over short term. These fluctuations above and below the output trend are known as business cycles. It is believed that over short-term analysis business cycles do affect output, however when one looks at the long-term, these cycles, or deviations from the trend (average), tend not to be as influential in the level of output as we would think. The long-term output tends to be the average of the peaks and troughs of the cycles of business.
FACTORS THAT GO INTO THE GDP (OUTPUT)
The GDP per capita is a function of the (hourly productivity) x (the average hours worked per person) x (the employment rate) x (the participation rate).
These three functions in the equation are all considered to be a part of LABOUR and thus can be simplified as such:
(the average hours worked per person)
(the employment rate)
(the participation rate)
Hourly Productivity is dependent on many different factors: the physical infrastructure in which the worker works (buildings and machinery); education, skills, technology level and efficiency of the worker and more.
We could further subdivide this "hourly productivity" into two more categories:
Physical Capital Stock (buildings and machinery), and "Other" (education, skills, technology level and efficiency, etc.).
In economics terms, this "other" is known as Total Factor Productivity (TFP).
Now if we look at the equation, we can see that GDP (output) is affected by Physical Capital, Labour, and TFP.
GDP = Capital x Labour x TFP.
DECREASING MARGINAL PRODUCT CAPITAL (DPK)
Decreasing marginal product capital (DPK) tells us that as each new machine is added to the system; it boosts productivity less than the previous machine until at one point the last machine added offers no boost in productivity. This line is the point of equilibrium for productivity beyond which we no longer have positive results. As long as the net investment is positive a company will continue to invest, but as soon as it crosses over the line of positive output growth, they will no longer invest.
PHYSICAL CAPITAL EQUILIBRIUM STATE
We can accumulate physical capital and thereby allow the worker to work more efficiently. Capital includes machinery and buildings in which to work. Usually there is a depreciation factor in these physical products therefore over time, their value works toward equilibrium, such that the input of capital equals exactly the same value as the depreciation. It is at this steady state point that capital ceases to provide increased growth output. All companies and industries eventually move toward this steady state position. If all companies achieve this steady state, as shown in Figure 4.12 on page 71 of our text, they will converge to the same position, and competitive advantage due to physical capital will no longer exist.
In order to continue growth beyond this point, industries must therefore focus either on labour or TFP. Since it is impossible to achieve a 0% unemployment rate, eventually companies will all move toward equilibrium as well in the use of labour.
LABOUR EQUILIBRIUM STATE
As work becomes busier, more people are employed. And increase in workers (labour) will increase the productivity of an industry. There comes a time, however, where, as the industry becomes more advanced, the labour factor can get saturated beyond the point of effectiveness and actually exceeds the optimum productivity. Further research has shown that as productivity increases, GDP increases and the standard of living also increases. The general incentive to make more money by working harder begins to be replaced by a desire to sacrifice more money for more private time. Because people are social creatures and not machines they value time away from work with friends and family. Because they make higher salaries, they trade off more money for more time knowing that they can now live the same lifestyle if they work less.
In so doing, the actual productivity of the labour force reaches an equilibrium point where it stops being beneficial to the industry, and level
Title III of the ADA was intended to remove barriers and make places of public accommodation for all type of individuals with disabilities and not just those that are wheel chair bound. The primary focus under the ADA is persons with physical disabilities and includes a very broad range of disabled individuals.The congressional committee reports and the Justice Department look to a comparison between a disabled person and an average person. The Justice states that a person with a disability is one whose important life activities are restricted as to the conditions, manner, or duration under which they can be performed in comparison with most people.The ADA statute defines disability as follows:The term "disability" means, with respect to an individual:(A) a physical or mental impairment that substantially limitsone or more of the major life activities of such individual;(B) a record of such an impairment; or(C) being regarded as having such an impairment.The definition is obviously overbroad and appears to set no limitations other than it limits or impairs one or more major life activities. The Justice Department which is charged with interpreting the ADA gives further definition about what is a disability. The just department interprets the phrase "physical or mental impairment" as meaning as
All businesses and economies, just like a stock market, have trends. There are also fluctuations to these trends over short term. These fluctuations above and below the output trend are known as business cycles. It is believed that over short-term analysis business cycles do affect output, however when one looks at the long-term, these cycles, or deviations from the trend (average), tend not to be as influential in the level of output as we would think. The long-term output tends to be the average of the peaks and troughs of the cycles of business.
FACTORS THAT GO INTO THE GDP (OUTPUT)
The GDP per capita is a function of the (hourly productivity) x (the average hours worked per person) x (the employment rate) x (the participation rate).
These three functions in the equation are all considered to be a part of LABOUR and thus can be simplified as such:
(the average hours worked per person)
(the employment rate)
(the participation rate)
Hourly Productivity is dependent on many different factors: the physical infrastructure in which the worker works (buildings and machinery); education, skills, technology level and efficiency of the worker and more.
We could further subdivide this "hourly productivity" into two more categories:
Physical Capital Stock (buildings and machinery), and "Other" (education, skills, technology level and efficiency, etc.).
In economics terms, this "other" is known as Total Factor Productivity (TFP).
Now if we look at the equation, we can see that GDP (output) is affected by Physical Capital, Labour, and TFP.
GDP = Capital x Labour x TFP.
DECREASING MARGINAL PRODUCT CAPITAL (DPK)
Decreasing marginal product capital (DPK) tells us that as each new machine is added to the system; it boosts productivity less than the previous machine until at one point the last machine added offers no boost in productivity. This line is the point of equilibrium for productivity beyond which we no longer have positive results. As long as the net investment is positive a company will continue to invest, but as soon as it crosses over the line of positive output growth, they will no longer invest.
PHYSICAL CAPITAL EQUILIBRIUM STATE
We can accumulate physical capital and thereby allow the worker to work more efficiently. Capital includes machinery and buildings in which to work. Usually there is a depreciation factor in these physical products therefore over time, their value works toward equilibrium, such that the input of capital equals exactly the same value as the depreciation. It is at this steady state point that capital ceases to provide increased growth output. All companies and industries eventually move toward this steady state position. If all companies achieve this steady state, as shown in Figure 4.12 on page 71 of our text, they will converge to the same position, and competitive advantage due to physical capital will no longer exist.
In order to continue growth beyond this point, industries must therefore focus either on labour or TFP. Since it is impossible to achieve a 0% unemployment rate, eventually companies will all move toward equilibrium as well in the use of labour.
LABOUR EQUILIBRIUM STATE
As work becomes busier, more people are employed. And increase in workers (labour) will increase the productivity of an industry. There comes a time, however, where, as the industry becomes more advanced, the labour factor can get saturated beyond the point of effectiveness and actually exceeds the optimum productivity. Further research has shown that as productivity increases, GDP increases and the standard of living also increases. The general incentive to make more money by working harder begins to be replaced by a desire to sacrifice more money for more private time. Because people are social creatures and not machines they value time away from work with friends and family. Because they make higher salaries, they trade off more money for more time knowing that they can now live the same lifestyle if they work less.
In so doing, the actual productivity of the labour force reaches an equilibrium point where it stops being beneficial to the industry, and level
To get better profit and loss results, you must learn how to improve your business purchasing. Irrespective of the fact whether your job is to manage office or home, how do you manage the spending makes a great impact on overall results. The basics are same for how to improve your business purchasing. The only difference between a large business and a small home-based business is the number of people involved. In case of a large business, main person responsible for purchasing is a professional purchase manager. To watch his activities at the upper level are finance director and CEO. On the other hand, while working alone at home; you yourself have to play the parts of purchase manager, finance director and CEO. As a purchase manager, you will have to explain the justification of the expenses made by you to yourself, who is also the CEO.Ignorance May Cause Severe Damage; If you do not pay much attention on how to improve your business purchasing, then it may lead to disastrous results. Temptations for spending are everywhere and you have to learn to resist them. Failing in doing so may make you cash poor quickly. Impulsive purchasing is dangerous.To improve your business purchasing, you must watch carefully that are you making excessive payments for buying a product or service. If yes, then it is a negative point for making profits. Simi
We could further subdivide this "hourly productivity" into two more categories:
Physical Capital Stock (buildings and machinery), and "Other" (education, skills, technology level and efficiency, etc.).
In economics terms, this "other" is known as Total Factor Productivity (TFP).
Now if we look at the equation, we can see that GDP (output) is affected by Physical Capital, Labour, and TFP.
GDP = Capital x Labour x TFP.
DECREASING MARGINAL PRODUCT CAPITAL (DPK)
Decreasing marginal product capital (DPK) tells us that as each new machine is added to the system; it boosts productivity less than the previous machine until at one point the last machine added offers no boost in productivity. This line is the point of equilibrium for productivity beyond which we no longer have positive results. As long as the net investment is positive a company will continue to invest, but as soon as it crosses over the line of positive output growth, they will no longer invest.
PHYSICAL CAPITAL EQUILIBRIUM STATE
We can accumulate physical capital and thereby allow the worker to work more efficiently. Capital includes machinery and buildings in which to work. Usually there is a depreciation factor in these physical products therefore over time, their value works toward equilibrium, such that the input of capital equals exactly the same value as the depreciation. It is at this steady state point that capital ceases to provide increased growth output. All companies and industries eventually move toward this steady state position. If all companies achieve this steady state, as shown in Figure 4.12 on page 71 of our text, they will converge to the same position, and competitive advantage due to physical capital will no longer exist.
In order to continue growth beyond this point, industries must therefore focus either on labour or TFP. Since it is impossible to achieve a 0% unemployment rate, eventually companies will all move toward equilibrium as well in the use of labour.
LABOUR EQUILIBRIUM STATE
As work becomes busier, more people are employed. And increase in workers (labour) will increase the productivity of an industry. There comes a time, however, where, as the industry becomes more advanced, the labour factor can get saturated beyond the point of effectiveness and actually exceeds the optimum productivity. Further research has shown that as productivity increases, GDP increases and the standard of living also increases. The general incentive to make more money by working harder begins to be replaced by a desire to sacrifice more money for more private time. Because people are social creatures and not machines they value time away from work with friends and family. Because they make higher salaries, they trade off more money for more time knowing that they can now live the same lifestyle if they work less.
In so doing, the actual productivity of the labour force reaches an equilibrium point where it stops being beneficial to the industry, and level
Part I of this article covered what to avoid when giving a business gift. If you missed it, I suggest you go back and take the time to read it.Now onto Part II: Giving corporate or business gifts can help you stay in touch with prospects and clients. It can also help you show appreciation for someone's business, establish new relationships, mend relationships, obtain referrals and build customer loyalty. Follow the guidelines below to ensure that your business gifts are effective:Good Choices for Corporate Gifts: Gourmet and snack food items that can be shared easily within an office. Cheese, crackers, sausage, chocolate treats, cookies, flavored coffees and teas, mixed nuts, specialty nuts, gourmet popcorn and trail mix are all good choices. When these items are placed in a classy gift basket, they will leave a lasting impression. If a gift is for an individual (not a group), include in the gift something that pertains to their hobby, collection or area of special interest. Doing this lets the gift recipient know that you put some thought into what they would like. Examples would be golf, theatre, sports, reading, collecting Hot Wheels, decorating, needle crafts, hiki
PHYSICAL CAPITAL EQUILIBRIUM STATE
We can accumulate physical capital and thereby allow the worker to work more efficiently. Capital includes machinery and buildings in which to work. Usually there is a depreciation factor in these physical products therefore over time, their value works toward equilibrium, such that the input of capital equals exactly the same value as the depreciation. It is at this steady state point that capital ceases to provide increased growth output. All companies and industries eventually move toward this steady state position. If all companies achieve this steady state, as shown in Figure 4.12 on page 71 of our text, they will converge to the same position, and competitive advantage due to physical capital will no longer exist.
In order to continue growth beyond this point, industries must therefore focus either on labour or TFP. Since it is impossible to achieve a 0% unemployment rate, eventually companies will all move toward equilibrium as well in the use of labour.
LABOUR EQUILIBRIUM STATE
As work becomes busier, more people are employed. And increase in workers (labour) will increase the productivity of an industry. There comes a time, however, where, as the industry becomes more advanced, the labour factor can get saturated beyond the point of effectiveness and actually exceeds the optimum productivity. Further research has shown that as productivity increases, GDP increases and the standard of living also increases. The general incentive to make more money by working harder begins to be replaced by a desire to sacrifice more money for more private time. Because people are social creatures and not machines they value time away from work with friends and family. Because they make higher salaries, they trade off more money for more time knowing that they can now live the same lifestyle if they work less.
In so doing, the actual productivity of the labour force reaches an equilibrium point where it stops being beneficial to the industry, and level
At the Biotechnology Industry Organization (BIO) convention earlier this month in Chicago, former President Bill Clinton sent a message to those in attendance: the biotechnology industry has a job to do.In his speech, the former President discussed the importance that biotechnology has in food security and health issues in the developing world. He said the first obligation of society is to feed people and that biotechnology can help individuals feed more people while addressing environmental concerns. He also stressed the need for interdependence in the world today as well as the unsolved problems that biotechnology is uniquely suited to face.Clinton also discussed the need to efficiently manage agricultural production. He mentioned several key aspects of environmental health that agricultural biotechnology can address, including climate change and top soil erosion.“All of these applications of biotechnology have the potential to lift people out of poverty,” he said.The former President also asserted that scientific evidence should rule any debate over issues such as genetically modified foods. He said that in America, we “should be driven by science, evidence, and argument, not by assertion and fear.”Former President Clinton called upon the biotechnology industry to work to reduce the spread of a variety of diseases,
LABOUR EQUILIBRIUM STATE
As work becomes busier, more people are employed. And increase in workers (labour) will increase the productivity of an industry. There comes a time, however, where, as the industry becomes more advanced, the labour factor can get saturated beyond the point of effectiveness and actually exceeds the optimum productivity. Further research has shown that as productivity increases, GDP increases and the standard of living also increases. The general incentive to make more money by working harder begins to be replaced by a desire to sacrifice more money for more private time. Because people are social creatures and not machines they value time away from work with friends and family. Because they make higher salaries, they trade off more money for more time knowing that they can now live the same lifestyle if they work less.
In so doing, the actual productivity of the labour force reaches an equilibrium point where it stops being beneficial to the industry, and levels off. Table 3.8 of our textbook (p48) confirms this assumption.
As industries become more advanced, the efficiency of the Labour unit tapers off.
Of course, the richer nations are able to invest more in capital and labour which allows them to have a higher level of (equilibrium) output in comparison to the developing nations who cannot invest as much and operate at a lower level of (equilibrium) output. We must also keep in mind though, that it is possible to over-invest in capital at the expense of spending and consumption which would negatively impact the economy.
UNRELIABLE CONTINUED IMPROVEMENT OF HUMAN CAPITAL
Human capital, "the skills and knowledge that accumulate in people, the labour force and society over time”, is another valuable asset for improving output. Even if companies have reached an equilibrium stage for investment in physical capital and labour, simply by increasing the knowledge of the worker, one can shift the output curve upward, resulting in an increase in output, and a constant capital investment rate.
The problem with this asset is that there are a great deal of variables which can affect the education of individuals in a negative way. It is difficult to control these and therefore it becomes difficult to rely upon human capital for sustained growth over a long period of time.
UNRELIABLE INSTITUTIONAL SUPPORT
Another important factor, as seen by many economists is the role that many institutions play in the development of the industry. However, due to the difficulty in controlling things that affect the benefits of institutions, such as stability, corruption, regulation etc. as well as the continuing change of the guard in various institutions, leading to changes in policy it would not be a wise decision to consider these institutions as a major force for continued growth in established economies.
TECHNOLOGY DEVELOPMENT
Theoretically, if economies reach the equilibrium steady-state of growth, then diminishing marginal products of capital (MPK) predict that there should be zero growth in the GDP. However, looking at real life results show this is NOT HAPPENING; although advanced countries and economies are not advancing as quickly as developing countries, their GDP is increasing which means growth is occurring.
As time passes, people are continually producing new products, developing new ideas and concepts and researching into new technology. Technology is constantly changing, and morphing to meet the ever-demanding needs of the future. We can see throughout history that technology is always progressing. Since technology positively affects the development of the economy, if industries have reached their steady state, that equilibrium must also be advancing in harmony with the advancement of technology.
Research and Development (R&D) will provide a vertical shift of the output curve, leading to greater output (from the same input due to an increased efficiency), as well as a horizontal move along the curve because new technology leads to advancement in production practices allowing for better machines to be made, and thus the continual increase of physical (and human) capital. Figure 5.11 on page 102 of the textbook sums this up very nicely.
Because growth is diminishing over time, the amount of output is not as great as we move along the curve, but as long as we move along the curve, and shift the curve up, there will be an ever-increasing output of GDP.
The diminishing MPK rule for established, richer industrialized nations pushes them to focus less on capital and labour as the major factors of production, and instead leads them to expend more time, effort and money on research and development. If we look at figures 5.12 and 5.13 on page 103 of our textbook, we can see that countries shift to spending more of their investments on research and development in order to continue sustained growth.
CONCLUSION
There are many factors of productivity that affect the output of nations. In the developing stage, capital growth and labour growth dramatically improve the GDP. As time passes, and the nations become richer, they run into a wall, or a state of equilibrium in which these factors
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