Applied Economics by Alan Griffiths, Stuart Wall

By Alan Griffiths, Stuart Wall

Utilized Economics is perfect for undergraduates learning economics, company stories, administration and the social sciences. it's also appropriate for these learning specialist classes, HND and 'A' point courses."Applied Economics" communicates the power and relevance of the topic to scholars, bringing economics to existence. Containing updated details on financial matters and occasions, the booklet is helping scholars practice financial ideas to the 'real global' and offers them an perception into the problems of formulating and enforcing financial coverage.

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This is in line with the theory of ‘asymptotic stagnancy’ which indicates that if there are two activities, one of which is ‘technologically progressive’ whilst the other is ‘technologically stagnant’, then it can be shown mathematically that in the long run the average rate of growth of an economy will be determined by the sector in which productivity growth is the slowest (Baumol, Blackman and Wolff 1989). In this context manufacturing can be regarded as the ‘technologically progressive’ sector with services ‘technologically stagnant’ in comparison, suggesting that the growth rate of the economy as a whole will depend on the growth of productivity in the service sector.

The consequences of low productivity and poor competitiveness have been felt mainly in the manufacturing sector of the economy, largely because its exposure to international competition is greater than that of the service sector. Structural change, in the form of a reduced share of output and employment for the manufacturing sector, is then almost inevitable. 4%. In the UK this has also become a decline in the absolute level of employment in manufacturing and, since 1973, virtual stagnation of the absolute level of output of the manufacturing sector.

21% per annum recorded for the USA and similar to those of France and Germany but below that for Japan. 7 Growth in output per hour worked, 1979–99. 28 *West Germany. Source: Adapted from O’Mahoney and de Boer (2002a). during the 1990s, especially in the latter part of that decade. On the other hand, the UK’s labour productivity performance deteriorated in the 1990s, being somewhat better than that for France but worse than those for Germany and Japan. Of particular concern is the apparent deceleration in the UK’s productivity performance in the second half of the 1990s, matching that of recession-hit Japan.

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