America’s annual gain in productivity in many sectors of the economy is often overlooked as a source of saving. Productivity is measured by output per work hour and the gain in productivity is measured by the percentage increase in output per work hour. If productivity in appliance manufacturing goes up 3 percent, then a 3 percent increase in appliance manufacturing takes place at the same cost, or the same output can be produced with a 3 percent cost savings, or a combination. The manufacturing firm is the first beneficiary of the savings from...
Saturday, 29 August 2009
Thursday, 6 August 2009
Depression Economics
Posted on 09:23 by Unknown
The Return of Depression Economics and the Crisis of 2008, Paul Krugman, (New York: W.W. Norton & Co., 2009), 191 pages, no index or bibliography, $24.95.The first sentence in The Return of Depression Economics reads “Most economists, to the extent that they think about the subject at all, regard the Great Depression of the 1930’s as a gratuitous, unnecessary tragedy.” That is economists agree on the causes of depressions and the policies that end them.Since the economics profession agrees the Great Depression was caused by inadequate aggregate...
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