Where education helps individuals to be more specialized in firms, productivity is more likely to increase. This is in line with Taylor's (2006) assertion that "specialization of workers at a firm adds to productivity." Further, the author is of the opinion that to enhance the productivity of workers, many companies choose to provide their employees with on-the-job training. In a way, the skills such workers develop while undergoing training or furthering their education is what ends up impacting positively on their productivity. Hence for a nation with a highly educated workforce, productivity levels are bound to increase. When it comes to R&D, it can be noted that an increase in research and development spending tends to increase or enhance productivity. This phenomenon can be looked at from several points-of-view. For instance, as Taylor (2006) notes, huge R&D expenditures result in enhanced technological change. With a change in...
Further, an increase in R&D spending in some cases informs higher rates of innovation and invention. These two concepts have a direct impact on productivity as they have a way of making work easier amongst other things. For instance, the invention of the light bulb and the development of the same through innovation enhanced productivity by amongst other things making it possible for companies to implement night-shifts.
Macroeconomics One set of macroeconomic projections comes from the Congressional Budget Office (CBO). The CBO forecasts two years out specifically and uses projected annual averages for the subsequent four and five-year periods. The CBO is projecting real GDP growth of 3.1% in 2011, 2.8% in 2012, an average of 3.4% in 2013-16 and an average of 2.4% from 2017-21. The CBO's projection for the ten-year Treasury note is 3.4% in 2011,
Macroeconomics Why is economics considered as a social science? What role does economics play in your personal and professional lives? Economics is considered as a social science because it deals with human behavior as to how individuals try to satisfy unlimited wants with the limited or scarce resources. (Sowell, 2010) Economics has a very important role in our lives, we may not realize it but any decision we take, anything we do, economics
It can also be negative which is known as deficit. The most vital point to consider is that going by the definition the aggregate of every sector's financial surplus/deficit must be equal to zero. This is due to the fact that borrowings by deficit sectors must be matched by an equal lending by sectors which are surplus. (National Income Accounting -the Overall Systems of Accounts) GDP is the market value
Macroeconomics In this case, there are a number of monetary policy prescriptions that apply, all of them expansionary. In terms of open market operations, the Fed should buy Treasuries. This will pump money into the banking system, providing greater means for investment. This will provide the groundwork for economic growth, in particular it will signal that the Federal Reserve is committed to restoring economic growth and halting the growth in unemployment.
Macroeconomics If anything, the United Sates economic situation is confusing. There are many sources of information all claiming a certain exclusive insight to what lies behind the workings of the economy. Local, state and federal fiscal policies are varying in effectiveness while often contradicting their own goals and methods. The purpose of this essay is to examine the U.S. economy in terms of its current status and make recommendations towards appropriate
First, all efforts should be made toward reducing our reliance on fossil fuels instead of encouraging continued reliance on automobiles in the future. Therefore, the available funds should be used to develop alternate transportation methods such as modernized rail systems and even traditional public transportation systems that damage the environment and consume gasoline less than private automobiles on a per-passenger basis. Second, we should be striving to reduce the trend
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