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Productivity-improving technologies date back to antiquity, with rather slow progress until the late Middle Ages. Important examples of early to medieval European technology include the water wheel, the horse collar, the spinning wheel, the three-field system (after 1500 the four-field system—see crop rotation) and the blast furnace.
Furthermore, if the productivity growth differential persists (that is, the low-productivity-growth sectors continue to see low productivity growth into the future while high-productivity-growth sectors continue to see high productivity growth), then costs in low-productivity-growth sectors will rise cumulatively and without limit.
The accounting result is obtained by subtracting the weighted growth rates of the inputs from the growth rate of the output. In this case the accounting result is 0.015 which implies a productivity growth by 1.5%. We note that the productivity model reports a 1.4% productivity growth from the same production data.
Gordon J. Bjork points out that manufacturing productivity gains continued, although at a decreasing rate than in decades past; however, the cost reductions in manufacturing shrank the sector size. The services and government sectors, where productivity growth is very low, gained in share, dragging down the overall productivity number.
According to the law, faster growth in output increases productivity due to increasing returns. Verdoorn argued [4] that "in the long run a change in the volume of production, say about 10 per cent, tends to be associated with an average increase in labor productivity of 4.5 per cent." The Verdoorn coefficient close to 0.5 (0.484) is also found ...
By Ryan Patrick Jones and David Lawder (Reuters) - U.S. President-elect Donald Trump said on Tuesday he will create a new government agency called the External Revenue Service "to collect tariffs ...
A procyclical variable has a positive correlation since it usually increases during booms and decreases during recessions. Vice versa, a countercyclical variable has a negative correlation. An acyclical variable with a correlation close to zero implies no systematic relationship to the business cycle. We find that productivity is slightly ...
Get ready for all of today's NYT 'Connections’ hints and answers for #583 on Tuesday, January 14, 2025. Today's NYT Connections puzzle for Tuesday, January 14, 2025 The New York Times