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The mass production of this automobile lowered its unit price, making it affordable for the average consumer. Furthermore, Ford substantially increased his workers' wages [ 9 ] to combat rampant absenteeism and employee turnover, which approached 400% annually, which had the byproduct of giving them the means to become customers.
The First Italy included the areas of large-scale mass production, such as Turin, Milan, and Genoa, and the Second Italy described the undeveloped South. The Third Italy, however, was where clusters of small firms and workshops developed in the 1970s and 1980s in the central and northeast regions of the country.
Human capital or human assets is a concept used by economists to designate personal attributes considered useful in the production process. It encompasses employee knowledge, skills, know-how, good health, and education. [1] Human capital has a substantial impact on individual earnings. [2]
Adam Smith in The Wealth of Nations described the knowledge and skills of workers as a form of human capital. [3] Human capital contracts are characterized by an initial investment amount by the capital provider, followed by a series of periodic dividend payments made from the receiver of the capital to the provider.
Recent usage has distinguished human capital (the stock of knowledge in the labor force) from labour. [3] Entrepreneurship is also sometimes considered a factor of production. [4] Sometimes the overall state of technology is described as a factor of production. [5]
Labour is a measure of the work done by human beings. It is conventionally contrasted with other factors of production, such as land and capital. Some theories focus on human capital, or entrepreneurship, (which refers to the skills that workers possess and not necessarily the actual work that they produce). Labour is unique to study because it ...
Crucial importance is usually given to the production of new technologies and human capital. The engine for growth can be as simple as a constant return to scale production function (the AK model) or more complicated set ups with spillover effects (spillovers are positive externalities, benefits that are attributed to costs from other firms ...
It distinguishes inputs from the point of view of their user (the capitalist), in terms of the degree of flexibility that the user has in using them. On the other hand, constant capital refers to the non-human inputs into production, while variable capital refers to the human input (the hiring of labor power to do labor).