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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.
While the computing capacity of the U.S. increased a hundredfold in the 1970s and 1980s, [6] labor productivity growth slowed from over 3% in the 1960s to roughly 1% in the 1980s. This perceived paradox was popularized in the media by analysts such as Steven Roach and later Paul Strassman.
It has been proposed that this is at least partially explained by the Baumol effect: even though there has been little or even negative productivity growth in the education sector, because of productivity increases across other sectors of the economy universities today would not be able to attract professors with 1980s-level salaries, so they ...
Increases in productivity lower the real cost of goods. Over the 20th century, the real price of many goods fell by over 90%. [14] Economic growth has traditionally been attributed to the accumulation of human and physical capital and the increase in productivity and creation of new goods arising from technological innovation. [15]
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 ...
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.
Minnesota Vikings vs. Detroit Lions – 8:20 p.m. ET. The game of Week 18 is an obvious one. The Minnesota Vikings travel to the Motor City to face the Detroit Lions with not only the NFC North ...
The cotton gin increased productivity of removing seed from cotton by a factor of 50. [26] Large gains in productivity also occurred in spinning and weaving of wool and linen, but they were not as great as in cotton. [2] Steam power – the efficiency of steam engines increased so that they used between one-fifth and one-tenth as much fuel. The ...