when an economy increases the amount of capital per worker it is called
Capital deepening
5177100
Capital deepening Capital deepening is a situation where the capital per worker is increasing in the economy. This is also referred to as increase in the capital intensity. Capital deepening is often measured by the rate of change in capital stock per labour hour. Overall, the economy will expand, "and" productivity per worker will increase. However, according to some economic models, such as the Solow model, economic expansion will not continue indefinitely through capital deepening alone. This is partly due to diminishing returns and wear & tear (depreciation). Investment is also required to increase the amount of capital available to
Capital deepening
5177100
Capital deepening Capital deepening is a situation where the capital per worker is increasing in the economy. This is also referred to as increase in the capital intensity. Capital deepening is often measured by the rate of change in capital stock per labour hour. Overall, the economy will expand, "and" productivity per worker will increase. However, according to some economic models, such as the Solow model, economic expansion will not continue indefinitely through capital deepening alone. This is partly due to diminishing returns and wear & tear (depreciation). Investment is also required to increase the amount of capital available to
Capital deepening
5177102
terms of aggregate output, "but" productivity per worker will remain constant. Capital deepening Capital deepening is a situation where the capital per worker is increasing in the economy. This is also referred to as increase in the capital intensity. Capital deepening is often measured by the rate of change in capital stock per labour hour. Overall, the economy will expand, "and" productivity per worker will increase. However, according to some economic models, such as the Solow model, economic expansion will not continue indefinitely through capital deepening alone. This is partly due to diminishing returns and wear & tear (depreciation). Investment
Capital deepening
5177101
each worker in the system and thus increase the ratio of capital to labour. In other economic models, for example, the AK model or some models in endogenous growth theory, capital deepening can lead to sustained economic growth even without technological progress. Traditionally, in development economics, capital deepening is seen as a necessary but not sufficient condition for economic development of a country. Capital widening is the situation where the stock of capital is increasing at the same rate as the labour force and the depreciation rate, thus the capital per worker ratio remains constant. The economy will expand in
Capital deepening
779767
returns to capital and labor. Capital accumulates through investment, but its level or stock continually decreases due to depreciation. Due to the diminishing returns to capital, with increases in capital/worker and absent technological progress, economic output/worker eventually reaches a point where capital per worker and economic output/worker remain constant because annual investment in capital equals annual depreciation. This condition is called the 'steady state'. In the Solow–Swan model if productivity increases through technological progress, then output/worker increases even when the economy is in the steady state. If productivity increases at a constant rate, output/worker also increases at a related steady-state
Economic growth
779761
in business (machinery, factory equipment, computers and office equipment, construction equipment, business vehicles, medical equipment, etc.). Up to a point increases in the amount of capital per worker are an important cause of economic output growth. Capital is subject to diminishing returns because of the amount that can be effectively invested and because of the growing burden of depreciation. In the development of economic theory the distribution of income was considered to be between labor and the owners of land and capital. In recent decades there have been several Asian countries with high rates of economic growth driven by capital
Economic growth
5206325
for "s" implies a unique level of steady state per capita consumption. Out of all possible choices for "s", one will produce the highest possible steady state value for "c" and is called the "golden rule" savings rate. An important question for policy-makers is whether the economy is saving too much or too little. Given the interconnection of "s" and "k" in steady state, noted above, the question can be phrased: "How much capital per worker (k) is needed to achieve the maximum level of consumption per worker in the steady state?" To discover the optimal capital/labour ratio, and thus
Golden Rule savings rate
597014
maturities. In an open economy it creates a carry trade, and devalues the currency. A devalued currency produces higher prices for imports without necessarily stimulating exports to a like degree. Deflation is the natural condition of economies when the supply of money is fixed, or does not grow as quickly as population and the economy. When this happens, the available amount of hard currency per person falls, in effect making money more scarce, and consequently, the purchasing power of each unit of currency increases. Deflation also occurs when improvements in production efficiency lower the overall price of goods. Competition in
Deflation
1703831
published in "The Economic Record" in 1956, allows the determinants of economic growth to be separated into increases in inputs (labour and capital) and technical progress. The reason these models are called "exogenous" growth models is the saving rate is taken to be exogenously given. Subsequent work derives savings behavior from an inter-temporal utility-maximizing framework. Using his model, Solow (1957) calculated that about four-fifths of the growth in US output per worker was attributable to technical progress. Solow also was the first to develop a growth model with different vintages of capital. The idea behind Solow's vintage capital growth model
Robert Solow
15889649
rate, and changes in the death are caused by changes in the level of per-capita income. Yet once per capita income reaches a level well above subsistence requirements, further increases in per-capita income have a negligible effect on death rate. With these three sets of relationships, it is easy to see that an underdeveloped economy is caught in a low level trap. In first case the economy is at minimum subsistence level of per capita income. When per capita is less than that of the minimum subsistence level the population decreases. After a stationary point when per capita income increases
Low-level equilibrium trap
11866489
since the dark pre-independence days of the Revolt). While the inland provinces retained their premodern character for much longer, the Dutch Republic by about 1600 had maritime provinces Holland, Zeeland, Friesland, Groningen, and a part of Utrecht that possessed: The Dutch economy established a leadership role in Europe that was widely admired, and copied in part in England. Through productivity-enhancing investments in fixed capital, the use of a large amount of energy (heat energy from peat as an industrial fuel, wind power) per worker, and a substantial investment in human capital (as witnessed by the high literacy rate), the Dutch
Economic history of the Netherlands (1500–1815)
788182
Growth accounting Growth accounting is a procedure used in economics to measure the contribution of different factors to economic growth and to indirectly compute the rate of technological progress, measured as a residual, in an economy. Growth accounting decomposes the growth rate of an economy's total output into that which is due to increases in the contributing amount of the factors used—usually the increase in the amount of capital and labor—and that which cannot be accounted for by observable changes in factor utilization. The unexplained part of growth in GDP is then taken to represent increases in productivity (getting more
Growth accounting
3249404
operating expenses, until these are recouped from product sales. An empirical proxy measure for the technical composition of capital (TCC) is the average amount of fixed equipment and materials used per worker (capital intensity), or the ratio of the average amount of equipment & materials used to the total hours worked. The value composition of capital (VCC) is usually measured by summing the value of fixed capital ("Cf") and intermediate expenditures (circulating capital or "Cc") and dividing the total by the value of labour costs (V). The estimation procedure is not simple, for example because compensation of employees includes more
Organic composition of capital
3651862
price is still high for an item, it is considered "the noob's party-hat". When currency is duplicated, it increases the overall amount of money in the virtual economy and increases prices in player-to-player transactions. In a 2005 case of currency duping in "EverQuest II", the game's developers noticed an unexpected 20% rise in the total money found in the economy over a 24-hour period following the dissemination of the dupe. A significant currency dupe in "Star Wars Galaxies" was found after the designers compared how much money was created versus how much money was destroyed and noted that, despite more
Duping (gaming)
20081655
carbon tax. The objectives of the tax are The Alberta government has opted to implement a carbon levy and rebates policy to combat climate change. The policy took effect January 1, 2017 and increases in 2018. The prices at which the Alberta government has priced carbon is $20 per tonne in 2017 and then $30/ per tonne after the increase takes effect in 2018. Not all carbon will be taxed, the price is based on the amount of carbon pollution released by the fuel when it is combusted, not on the mass of fuel itself. These include transportation and heating
Green economy policies in Canada
115058
Smith's insight suggests that the huge increases in productivity obtainable from technology or technological progress are possible because human and physical capital are matched, usually in an organization. See also a short discussion of Adam Smith's theory in the context of business processes. Babbage wrote a seminal work "On the Economy of Machinery and Manufactures" analyzing perhaps for the first time the division of labour in factories. In the "Groundwork of the Metaphysics of morals" 1785, Kant notes the value of the division of labour:All crafts, trades and arts have profited from the division of labour; for when each worker
Division of labour
241642
theory. The MRP of the worker is affected by other inputs to production with which the worker can work (e.g. machinery), often aggregated under the term "capital". It is typical in economic models for greater availability of capital for a firm to increase the MRP of the worker, all else equal. Education and training are counted as "human capital". Since the amount of physical capital affects MRP, and since financial capital flows can affect the amount of physical capital available, MRP and thus wages can be affected by financial capital flows within and between countries, and the degree of capital
Labour economics
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of a competitive firm is determined by the following profit maximization problem: where "p" is the exogenous selling price of the produced output, "Q" is the chosen quantity of output to be produced per month, "w" is the hourly wage rate paid to a worker, "L" is the number of labor hours hired (the quantity of labor demanded) per month, "r" is the cost of using a machine (capital) for an hour (the "rental rate"), "K" is the number of hours of machinery used (the quantity of capital demanded) per month, and "f" is the production function specifying the amount
Labor demand
7149688
to even take the post as Minister of Finance, and he was more interested in agro-economical questions than traditional planning of the economy. It was even said that Gerhardsen's Cabinet had an interest in luring Meisdalshagen away from the Parliament, where he had driven through significant increases in farmer's income, threatening the overall balance and planning of the state finances. In fact the income from farming, measured in the amount of money earned per decare, was doubled between the war's end in 1945 and 1950, when the Main Agreement for Agriculture, , was introduced. It regulated future price negotiations, and
Olav Meisdalshagen
5396425
a reduction of labour-costs as a fraction of the total capital invested. From the point of view of labour, increased productivity means both an increase in surplus labour and an increase in the amount of capital used per worker. Marx then explains that these four variables can come into conflict with each other, creating disturbances in the growth process of capital: Valorisation In Marxism, the valorisation or valorization of capital is the increase in the value of capital assets through the application of value-forming labour in production. The German original term is ""Verwertung"" (specifically "Kapitalverwertung") but this is difficult to
Valorisation
13045266
slope of the production function. There is a factory which produces toys. When there are no workers in the factory, no toys are produced. When there is one worker in the factory, six toys are produced per hour. When there are two workers in the factory, eleven toys are produced per hour. There is a marginal product of labor of five when there are two workers in the factory compared to one. When the marginal product of labor is increasing, this is called increasing marginal returns. However, as the number of workers increases, the marginal product of labor may not
Marginal product of labor
1753707
to a new dynamic equilibrium in which there are permanently higher capital per worker and productivity per worker, but an unchanged growth rate of output; so it is said that in this model the comparative dynamic effect of the saving rate on capital per worker is positive but the comparative dynamic effect of the saving rate on the output growth rate is zero. Disequilibrium characterizes a market that is not in equilibrium. Disequilibrium can occur extremely briefly or over an extended period of time. Typically in financial markets it either never occurs or only momentarily occurs, because trading takes place
Economic equilibrium
5152053
to have increased relatively steadily since the 19th century. Econometric analysis on Singapore and the other "East Asian Tigers" has produced the surprising result that although output per worker has been rising, almost none of their rapid growth had been due to rising per-capita productivity (they have a low "Solow residual"). Solow–Swan model The Solow–Swan model is an economic model of long-run economic growth set within the framework of neoclassical economics. It attempts to explain long-run economic growth by looking at capital accumulation, labor or population growth, and increases in productivity, commonly referred to as technological progress. At its core
Solow–Swan model
5751220
financing does, in order to balance the government's expenditures). However, the effect that an increase in nominal money balances has on seignorage is ambiguous, as while it increases the amount of money within the economy, the real value of each unit of money decreases due to inflationary effects. This inflationary effect from money printing is called an inflation tax. Debt-to-GDP measures the financial leverage of an economy. One of the Euro convergence criteria was that government debt-to-GDP be below 60%. The World Bank and the IMF hold that “a country can be said to achieve external debt sustainability if it
Debt-to-GDP ratio
490336
moves. Annual escalation clauses in employment contracts can specify retroactive or future percentage increases in worker pay which are not tied to any index. These negotiated increases in pay are colloquially referred to as cost-of-living adjustments ("COLAs") or cost-of-living increases because of their similarity to increases tied to externally determined indexes. Inflation In economics, inflation is a sustained increase in the general price level of goods and services in an economy over a period of time. When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation reflects a reduction in the purchasing power
Inflation
788198
the same idea is in per capita (or per worker) terms in which we subtract off the growth rate of labor force from both sides: formula_21 which states that the rate of technological growth is that part of the growth rate of per capita income which is not due to the (weighted) growth rate of capital per person. Growth accounting Growth accounting is a procedure used in economics to measure the contribution of different factors to economic growth and to indirectly compute the rate of technological progress, measured as a residual, in an economy. Growth accounting decomposes the growth rate
Growth accounting
3083503
in common with them.” By analyzing the Open University of Israel online forums and two IBM ReachOut online communities, Soroka and Rafaeli found that as users’ cultural capital of an online community increases, their amount of activity increases, and they have a higher likelihood of de-lurking. Soroka and Rafaeli also found that irrespective of the amount of cultural capital, de-lurking becomes less likely as time passes. The design and management of online communities can also affect de-lurking and participation. Resnick, Janney, Buis, and Richardson introduced a community element to the online walking program called Stepping Up to Health and discussed
Lurker
7556813
where formula_9 is capital intensity (i.e., capital per worker), formula_10 is change in capital intensity over time formula_11, formula_12 is consumption per worker, formula_13 is output per worker for a given formula_9, and formula_15 is the depreciation rate of capital. Under the simplifying assumption that there is no population growth, this equation states that investment, or increase in capital per worker is that part of output which is not consumed, minus the rate of depreciation of capital. Investment is, therefore, the same as savings. The second equation of the model is the solution to the social planner's problem of maximizing
Ramsey–Cass–Koopmans model
5152035
some point the amount of new capital produced is only just enough to make up for the amount of existing capital lost due to depreciation. At this point, because of the assumptions of no technological progress or labor force growth, we can see the economy ceases to grow. →Assuming non-zero rates of labor growth complicate matters somewhat, but the basic logic still applies – in the short-run, the rate of growth slows as diminishing returns take effect and the economy converges to a constant "steady-state" rate of growth (that is, "no" economic growth per-capita). →Including non-zero technological progress is very
Solow–Swan model
3809506
off as international trade increases, because, relative to the world market in the good they produce, an unskilled first world production-line worker is a less abundant factor of production than capital. The Stolper–Samuelson theorem is closely linked to the factor price equalization theorem, which states that, regardless of international factor mobility, factor prices will tend to equalize across countries that do not differ in technology. Considering a two-good economy that produces only wheat and cloth, with labour and land being the only factors of production, wheat a land-intensive industry and cloth a labour-intensive one, and assuming that the price of
Stolper–Samuelson theorem
5152042
increase nor a decrease of capital intensity: at which the stock of capital formula_2 and effective labour formula_8 are growing at rate formula_40. By assumption of constant returns, output formula_41 is also growing at that rate. In essence, the Solow–Swan model predicts that an economy will converge to a balanced-growth equilibrium, regardless of its starting point. In this situation, the growth of output per worker is determined solely by the rate of technological progress. Since, by definition, formula_42, at the equilibrium formula_35 we have Therefore, at the equilibrium, the capital/output ratio depends only on the saving, growth, and depreciation rates.
Solow–Swan model
16126769
real dollar terms for the 2013-2022 period, growing at or below the rate of inflation. Department of Defense spending rose at an annual rate of 8% between 2000 and 2011; this amount includes both the baseline and war spending. Non-defense discretionary spending rose at an annual rate of 6.6% between 2000 and 2011. Mandatory spending is mainly driven by demographic changes (i.e., an aging population, with fewer workers per retiree), healthcare cost increases per capita, and Social Security cost of living adjustments. Interest costs represent a return to more typical interest rates as the economy recovers along with the growing
2013 United States federal budget
597010
Deflation In economics, deflation is a decrease in the general price level of goods and services. Deflation occurs when the inflation rate falls below 0% (a negative inflation rate). Inflation reduces the value of currency over time, but deflation increases it. This allows one to buy more goods and services than before with the same amount of currency. Deflation is distinct from disinflation, a slow-down in the inflation rate, i.e. when inflation declines to a lower rate but is still positive. Economists generally believe that deflation is a problem in a modern economy because it increases the real value of
Deflation
11715523
compensation rate (CR) is the amount of money the injured worker receives for each week they are disabled. The maximum rate changes periodically. Generally, DBA insurers pay every two weeks. The Act provides for annual cost of living or inflation increases for benefits which are permanent and total. Benefits are generally paid until the injured worker returns to work or is capable of returning to work and suitable work is available. For example, if an injured worker fully recovers from an injury and can return to work, total disability benefits end. Also, even if an injured worker cannot return to
Defense Base Act
4306633
111 countries between 1970 and 1989, Sachs and Andrew Warner concluded that the industrialized countries had a growth of 2.3%/year/capita, open economy developing countries 4.5% and closed economy developing countries only 2%. Robert Lucas stated the "Lucas Paradox" which is the observation that capital is not flowing from developed countries to developing countries despite the fact that developing countries have lower levels of capital per worker. This statement, however, has received recently serious objections. There are many examples of countries which have converged with developed countries which validate the catch-up theory. Based on case studies on Japan, Mexico and other
Convergence (economics)
9756664
The Digital Economy can be used for mining Bitcoin which, according to Digiconomist, uses an average of 70.69 TWh of electricity per year. The number of households that can be powered using the amount of power that bitcoin mining uses is around 6.5 million in the US. Digital economy Digital economy refers to an economy that is based on digital computing technologies, although we increasingly perceive this as conducting business through markets based on the internet and the World Wide Web. The digital economy is also sometimes called the "Internet Economy", "New Economy", or "Web Economy". Increasingly, the digital economy
Digital economy
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then the subsistence level population increases until it reaches a physical limit. Population growth increases till it reaches its upper physical limit after which it declines. The declines occurs because at high per-capita income levels, people become conscious about their living standards and try to adopt a small family norm. In this case there is a certain level of income in the economy with no savings as all the income is spent on consumption. Also the level of investment is zero. There is negative investment in the economy when savings are negative implying a situation where consumption is greater than
Low-level equilibrium trap
5637358
the number of permanent employees, strikes often occur. The number of working days lost to labor disputes peaked in the economic turmoil of 1974 and 1975 at around 9 million workdays in the two-year period. In 1979, however, there were fewer than 1 million days lost. Since 1981 the average number of days lost per worker each year to disputes was just over 9% of the number lost in the United States. After 1975, when the economy entered a period of slower growth, annual wage increases moderated and labor relations were conciliatory. During the 1980s, workers received pay hikes that
Labor unions in Japan
19508247
Tiruppur South. Tiruppur is part of Tirupur Lok Sabha constituency which was created during the delimination in 2008 consisting parts of erstwhile Coimbatore, Gobichettipalayam and Palani constituencies. Tiruppur is also known as the "knitwear capital" of India, accounting for 90% of India's cotton knitwear export. It has spurred up the textile industry in India for the past three decades. It contributes to a huge amount of foreign exchange in India. In the Fiscal year 2013, exports were 17,500. The city provides employment to around 400,000 workers, with the average salary per worker being around 9,000 per month. Special Industrial Parks
Tiruppur
17246904
since it also depends on the metabolic rate. This is a marked difference from open circuit where the amount of gas consumed increases as depth increases since the density of the inhaled gas increases with pressure, and the volume of a breath remains almost unchanged. Long or deep dives using open circuit scuba equipment may not be feasible as there are limits to the number and weight of diving cylinders the diver can carry. The economy of gas consumption is also useful when the gas mix being breathed contains expensive gases, such as helium. In normal use at constant depth,
Rebreather diving
15116001
Procyclical variables have positive correlations since it usually increases during booms and decreases during recessions. Vice versa, a countercyclical variable associates with negative correlations. Acyclical, correlations close to zero, implies no systematic relationship to the business cycle. We find that productivity is slightly procyclical. This implies workers and capital are more productive when the economy is experiencing a boom. They are not quite as productive when the economy is experiencing a slowdown. Similar explanations follow for consumption and investment, which are strongly procyclical. Labor is also procyclical while capital stock appears acyclical. Observing these similarities yet seemingly non-deterministic fluctuations about
Real business-cycle theory
15036899
Productivity improving technologies This article is about the important technologies that have historically increased productivity and is intended to serve as the History section of Productivity from which it was moved. Productivity in general is a ratio of output to input in the production of goods and services. Productivity is increased by lowering the amount of labor, capital, energy or materials that go into producing any given amount of economic goods and services. Increases in productivity are largely responsible for the increase in per capita living standards. Productivity improving technologies date back to antiquity, with rather slow progress until the
Productivity improving technologies
19272134
groups with higher levels of education generally have lower unemployment rates. The effects of incarceration and emotional functioning have also been explored. Macroeconomic conditions affect both the quantity and types of jobs that are available. "Frictional unemployment" occurs when a worker is voluntarily between jobs. This is normal and healthy for the economy, as it increases the matches between job openings and seekers. "Structural unemployment" is caused by structural changes in the economy. This includes technological changes and the movement and relocation of certain industries. "Cyclical unemployment" is caused by the various stages of the business cycle; more specifically the
Causes of unemployment in the United States
3740258
that a supportive environment focused on training, work environment, and education (Loo, 2017 Loo, S. (2017) Creative Working in the Knowledge Economy. Abingdon: Routledge). Knowledge worker Knowledge workers are workers whose main capital is knowledge. Examples include programmers, physicians, pharmacists, architects, engineers, scientists, design thinkers, public accountants, lawyers, and academics, and any other white-collar workers, whose line of work requires the one to ""think for a living"". Knowledge work can be differentiated from other forms of work by its emphasis on "non-routine" problem solving that requires a combination of convergent and divergent thinking. But despite the amount of research and
Knowledge worker
465800
a worker is cumbersome and firing a worker is difficult. By 2008 unemployment had risen to 94%. A 2014 report by the Africa Progress Panel found that, of all the African countries looked at when working out how many years it would take to double per capita GDP, Zimbabwe fared the worst, and that at its current rate of development it would take 190 years for the country to double its per capita GDP. Uncertainty around the indigenisation programme, the perceived lack of a free press, the possibility of abandoning the US dollar as official currency, and political uncertainty following
Economy of Zimbabwe
6012641
research on economic growth followed extensive studies of long-run growth during the 1950s and 1960s. The Solow–Swan model, for example, established the primacy of technological progress in accounting for sustained increases in output per worker. His 1983 dissertation, supervised by José Scheinkman and Robert Lucas Jr., amounted to constructing mathematical representations of economies in which technological change is the result of the intentional actions of people, such as research and development. It led to two "Journal of Political Economy" articles published in 1986 and 1990, respectively, which started endogenous growth theory. He taught at the University of Rochester, the University
Paul Romer
7372217
as much as in 1952, but the population had also doubled, which mostly countered this increase in production, and as a result, very little surplus was accrued, even in high yielding years. Furthermore, very few resources could be spared for investment in capital goods, such as machinery, factories, mines, railroads, and other productive assets. The relatively small size of the capital stock caused productivity per worker to remain low, which in turn perpetuated the inability of the economy to generate a substantial surplus. When the Communist Party of China came to power in 1949, its leaders' fundamental long-range goals were
Economic history of China (1949–present)
11509240
the resources instead of financing the investment could be invested in financial assets, there is an opportunity cost of (1+r), where r is the interest rate. This implies higher investment spending with a lower interest rate. When GDP increases, the output and the capacity utilization increases. This results in an increase of capital investment. At last, a higher Tobins q is represented when the market puts a high value of the installed capital and buys stocks in the firm for a higher price. The firm can then raise more resources per share issued and increase their investments. Investment: • I
Investment function
7556812
with an aggregate production function that satisfies the Inada conditions, often specified to be of Cobb–Douglas type, formula_1, with factors capital formula_2 and labour formula_3. Since this production function is assumed to be homogeneous of degree 1, one can express it in "per capita" terms, formula_4. The amount of labour is equal to the population in the economy, and grows at a constant rate formula_5, i.e. formula_6 where formula_7 was the population in the initial period. The first key equation of the Ramsey–Cass–Koopmans model is the state equation for capital accumulation: a non-linear differential equation akin to the Solow–Swan model,
Ramsey–Cass–Koopmans model
13520223
an insignificant amount compared to the 22 pounds of greenhouse gas emissions from one gallon of gasoline. Trains are prime targets for hydrogen propulsion due to their ability to store massive tanks of hydrogen. Rail transportation emits about 0.2 pounds of greenhouse gases per passenger mile (55 g/km) when each car is filled with 50 passengers. This figure increases to about 0.5 pounds per passenger mile (140 g/km) when only filled with half that amount. These numbers are still much lower than those of Jet transportation, about 1 pound per passenger mile (280 g/km), and that of a solo car
Environmental design in rail transportation
6149304
which the present value of each worker's "accrued benefit" is estimated and then each present value for each worker covered by the plan is added up so that the minimum annual contribution can be determined. The "actuarial present values" for the "accrued benefit" for each worker is the lump sum dollar amount that represents the financial value of the employer's liability on the date of the valuation. It does not include the future accrual of pension benefits nor does it include the effect of projected future salary increases. Thus the lump sum value for each worker is not based on
Cash balance plan
2709554
produce sinks, like all interest on capital, but increases as an absolute amount. The share of the labourer increases both as a proportion and an absolute amount. Thus, the interests of these different social classes are in harmony. But, Carey proceeded to say, in order that this harmonious progress may be realized, what is taken from the land must be given back to it. All the produce derived from the land is part of it, and must be restored to avoid its exhaustion. Hence the producer and the consumer must be close to each other; the products must not be
Henry Charles Carey
1962134
1000000 crores. An increase sucks this amount from the economy, while a decrease injects this amount into the economy.So if a bank has 200 Crore of NDTL then it has to keep Rs. 8 Crore in cash with RBI. RBI pays no interest on CRR. Let's assume economy is showing inflationary trends & RBI wants to control this situation by adjusting SLR & CRR. If RBI increases SLR to 50% and CRR to 20% then bank will be left only with Rs. 60 crore for operations. Now it will be very difficult for bank to maintain profitability with such small
Reserve Bank of India
13934158
the production function becomes linear in capital and does not have the property of decreasing returns to scale in the capital stock, which would prevail for any other value of the capital intensity between 0 and 1. formula_4 = population growth rate<br> formula_5 = depreciation <br> formula_6 = capital per worker <br> formula_7 = output/income per worker<br> formula_8 = labor force <br> formula_9 = saving rate In an alternative form formula_10, formula_11 embodies both physical capital and human capital. In the above equation A is the level of technology which is positive constant and K represents volume of capital. Hence,
AK model
11192928
while flying. Queens sometimes fly with a worker or two clinging to their bodies, presumably to help out right away when the queen finds a suitable place for a colony. Queens can lay anywhere from 27 and 387 eggs per day, but the average number of eggs laid per day is 105. It takes about 52 days for an egg to become a fully mobile worker. Young "Solenopsis molesta" spends about 21 days in the larval stage when the weather is suitable. They eat grease whenever they find it, which is why they are sometimes called grease ants. They also
Solenopsis molesta
3279627
so than before sales per worker have been increased, causes the tendency of the rate of profit to fall. Thus, capitalists are caught in a prisoner's dilemma or rationality trap. This "new" rate of profit (r'), which tends to fall, would be measured as At the beginning of a "year" (possibly another length of time period, in this case other numerical values will arise) the capitalist has to invest an amount of capital. For example, he must invest: Now, it is assumed that during the year the capitalist can produce and sell commodities at a total price of "300 €".
Rate of profit
67088
promote social welfare, conserve natural resources, fund defense and public safety or other rationale. In state capitalist systems, markets are relied upon the least, with the state relying heavily on state-owned enterprises or indirect economic planning to accumulate capital. Supply is the amount of a good or service that is available for purchase or sale. Demand is the measure of value for a good that people are willing to buy at a given time. Prices tend to rise when demand for an available resource increases or its supply diminishes and fall with demand or when supply increases. Competition arises when
Capitalism
12216539
Balanced-growth equilibrium In macroeconomics, the balanced-growth path of a dynamic model is a trajectory such that all variables grow at a constant rate. In the standard exogenous growth model, balanced growth is a basic assumption, while other variables like the capital stock, real GDP, and output per worker are growing. Developing economies may adopt a strategy of unbalanced growth to rectify previous investment decisions, as put forward by economist Albert O. Hirschman. In microbiology, the state of balanced-growth means "every extensive property of the growing system increases by the same factor over a time interval". It is ideal for performing
Balanced-growth equilibrium
11219305
raw materials. These factors shift short-run curves "exclusively". Changes in the quantity and quality of labour and capital affect both long-run and short-run supply curves. A greater quantity of labour or capital corresponds to a lower price for both. A greater quality in labour or capital corresponds to a greater output per worker or machine. The long-run aggregate supply curve of the classical model is affected by events that affect the potential output of the economy. Factors revolve around changes in the quality and quantity of factors of production. Keynesian Case: If there is a fiscal expansion i.e. there is
AD–AS model
7176812
Wage–fund doctrine The wage–fund doctrine is an expression that comes from early economic theory that seeks to show that the amount of money a worker earns in wages, paid to them from a fixed amount of funds available to employers each year (capital), is determined by the relationship of wages and capital to any changes in population. In the words of J. R. McCulloch, The economists who first stated this relationship assumed that the amount of capital available in a given year to pay wages was an unchanging amount. So they thought that as the population changed so too would
Wage–fund doctrine
15519654
is unexpectedly quite a hard worker and her heart is very kind. So kind, that she even gets along very well with her rival in love, Neya, saying "It is a wonderful thing when the amount of beautiful things increases in the world," and even helps her with her fashion. She is not affected by formality, and is a very flexible type of person. She is also very good with her hands, and because of this is a very reliable person. There are times when she uses seduction in order to get enemies to let down their guard. Carlo Santos,
Itsuwaribito
20616486
firm's former employees have received recently. Because it is primarily firms in stress that generate layoffs, these tax increases target firms that are already under strain. For this reason, states limit how high they allow taxes to rise, but these limits vary by almost an order of magnitude from state to state. The second unique feature of UI taxes under SUTA is that the taxable base is ~$10,000 (on average, varies by state) per employee, much less than the average yearly earnings of a given worker. Because of this feature, firms pay a fixed "lump sum" tax per worker they
State unemployment tax act
9579199
income they need to sustain a family which will raise a child to replace the worker. This amount is called necessary labor time. He calls surplus labor time the labor time that workers spend in addition to necessary time. This implies that for Marx the wage that workers need to sustain their families is one of the basic factors that regulates the economy. When he defines necessary labor time, however, Marx means the market labor necessary to earn the income that workers need so that their family can survive. Some connect working class demands for a family wage in late
Family economics
15315726
competitors and will most likely die out rapidly. If the duplication has no effect on fitness, it might be maintained in a certain proportion of a population. In certain cases, the duplication of a certain gene might be immediately beneficial, providing its carrier with a fitness advantage. The so-called 'dosage' of a gene refers to the amount of mRNA transcripts and subsequently translated protein molecules are produced from a gene per time and per cell. If the amount of gene product is below its optimal level, there are two kinds of mutations that can increase dosage: increases in gene expression
Evolution by gene duplication
3976413
the identity is the difference between domestic saving and domestic investment, S − I, known as "net capital outflow". Net capital outflow is equal to the amount that domestic residents are lending abroad minus the amount that foreigners are lending to home country.If net capital outflow is positive, the economy’s saving exceeds its investment, and lending the excess to foreigners. If the net capital outflow is negative, the economy is experiencing a capital inflow: investment exceeds saving, and the economy is financing this extra investment by borrowing from abroad. The national income accounts identity shows that net capital outflow always
Open economy
1412688
return with this additional invested capital. This additional capital can be raised by issuing auction rate securities, preferred stock, long-term debt, or reverse-repurchase agreements. A fund raises its initial equity through the sale of common stock. The amount of equity that belongs to a share of common stock is known as its net asset value (NAV). As the fund operates, NAV increases with investment gains and decreases with losses. These gains or losses are amplified when the fund employs leverage. The amount of leverage a fund uses is expressed as a percent of total fund assets (e.g. if it has
Closed-end fund
155079
to 15.7%). However, the accuracy of the revised figures has also been questioned, and in February 2012 the Hellenic Parliament voted in favor of an official investigation following accusations by a former member of the Hellenic Statistical Authority that the deficit had been artificially inflated in order to justify harsher austerity measures. The Greek labor force, which amount around workers, average 2,032 hours of work per worker annually in 2011, is ranked fourth among OECD countries, after Mexico, South Korea and Chile. The Groningen Growth & Development Centre has published a poll revealing that between 1995 and 2005, Greece was
Economy of Greece
3279626
firms achieve higher sales per worker the more they invest per worker, they will try to increase investments per worker as long as this raises their rate of profit. If some capitalists do this, all capitalists must do it, because those who do not will fall behind in competition. This, however, means that replacement cost of capital per worker invested, now calculated at the replacement cost necessary to keep up with the competition, tends to be increased by firms more so than sales per worker before. This squeeze, that investments per worker tend to be driven up by competition more
Rate of profit
16904984
ATM financing strategies provide control on the timing and amount of capital raised. This allows companies to raise capital on the terms that they choose, including when and if the ATM is utilised. This allows companies to opportunistically take advantage of increases in the share price and means that companies do not have to time the capital raise perfectly, in effect "averaging in" to their own share price. If successful, it can be a blessing for raising general working capital, funding specific projects, funding R&D, and helping to manage the balance sheet (e.g. paying off debt when needed). Because of
At-the-market offering
3658312
capital allocated to obtaining resources is dependent only on the nonrenewable_resource_fraction_remaining, or abbreviated nrfr. This variable is the current amount of non-renewable resources divided by the initial amount of non-renewable resources available. As such nrfr starts out as 1.0 and decreases as world3 runs. Fraction of capital allocated to obtaining resources is dependent on nrfr as interpolated values from the following table: Qualitatively, this basically states that the relative amount of non-renewable resources decreases, the amount capital required to extract the resources increases. To more deeply examine this table requires examining the equation that it comes from, effective_output = industrial_capital*other_factors*(1-fcaor)
World3 nonrenewable resource sector
8685418
bearing the same percentage liability for losses. The quota-share reinsurer pays an amount called the "ceding commission" to compensate the ceding company for its expenses. The ceding commission typically also includes a profit allowance, which increases in proportion to the expected profitability of the business. These reinsurance treaties currently and traditionally provide ceding companies with the ability to write more business than they could bear based on their own capital and to earn a certain amount of fee-based income (through the ceding commission). Quota-share reinsurers act as insurance wholesalers, allowing them to earn a return on capital without creating primary
Reinsurance sidecar
17451505
and thus produced no new value. Critics of Marxian value theory object that labor is not the only source of value-added goods. Examples of such arguments: If workers receive a subsistence wage, and if the working day exhausts the capacity to labor, then it could be argued that in a day a worker “depreciates” by an amount equivalent to the subsistence wage—the exchange-value of labor power. However this depreciation is not the limit of the amount of value that can be added by a worker in a day’s labor—the use-value of labor. Value added is unrelated to and greater than
Constant capital
10432764
more middle class. More and more factories were built, bolstering the economy, but resulting in lower pay for workers ‒ the people who kept the economy afloat. Mexican politics and economy went hand in hand when "political stability [under Ávila Camacho] encouraged enough foreign capital back into the country to bolster high rates of growth". Mexico’s "emphasis on economic development…has focused on those activities, industry and commerce, that are most efficiently undertaken in urban areas, where there is an adequate supply of labor, credit, transportation, and communication". This emphasis on urbanization eventually led to the worker and student movement of
La Onda
4405339
Savings identity The savings identity or the savings-investment identity is a concept in national income accounting stating that the amount saved in an economy will be the amount invested in new physical machinery, new inventories, and alike. More specifically, in an open economy (an economy with foreign trade and capital flows), private saving plus governmental saving (the government budget surplus or the negative of the deficit) plus foreign investment domestically (capital inflows from abroad) must equal private physical investment. In other words, investment must be financed by some combination of private domestic savings, government savings (surplus), and foreign savings (foreign
Savings identity
19716830
resource (i.e. both individuals will exploit the same amount of resource per biomass unit). When θ >1 competition is size-asymmetric, e.g. if large individual is twice the size of its smaller competitor and θ =2, the large individual will acquire four times the amount of that resource (i.e. the large individual will exploit twice the amount of resource per biomass unit). As θ increases, competition becomes more size-asymmetric and larger plants get larger amounts of resource per unit biomass compared with smaller plants. Competition among plants for light is size-asymmetric because of the directionality of its supply. Higher leaves shade
Size-asymmetric competition
7173163
boss can crucially raise the performance of a worker. When a good boss supervises a team of nine workers, the boss adds enough value to be equivalent to adding another worker to the team. One of his early papers “Why is there Mandatory Retirement” (Journal of Political Economy, 1979) is one of the first papers on implicit incentive pay under asymmetric information – subjects that have since been studied profusely. He explains that companies write implicit contracts in which they pay their employees less when they are young and more than they are old. To cap the amount they will
Edward Lazear
6533562
that starlings maximize net energy gain per unit time. This conclusion was not disproved in later experiments. Worker bees provide another example of the use of marginal value theorem in modeling optimal foraging behavior. Bees forage from flower to flower collecting nectar to carry back to the hive. While this situation is similar to that of the starlings, both the constraints and currency are actually different for the bees. A bee does not experience diminishing returns because of nectar depletion or any other characteristic of the flowers themselves. The total amount of nectar foraged increases linearly with time spent in
Optimal foraging theory
3107889
gradient across the mitral valve increases, the amount of time necessary to fill the left ventricle with blood increases. Eventually, the left ventricle requires the atrial kick to fill with blood. As the heart rate increases, the amount of time that the ventricle is in diastole and can fill up with blood (called the diastolic filling period) decreases. When the heart rate goes above a certain point, the diastolic filling period is insufficient to fill the ventricle with blood and pressure builds up in the left atrium, leading to pulmonary congestion. When the mitral valve area goes less than 1
Mitral valve stenosis
98424
the world, putting it in the repressed category. The armed militias fight with the government in the eastern section of the country over the mining sector or the corruption of the government, and weak policies lead to the instability of the economy. Human rights abuses also ruin economic activity; the DRC has a 7% unemployment rate, but still has one of the lowest GDP’s per capita in the world. A major problem for people trying to start their own companies is that the minimum amount of capital needed to launch the company is 5 times the average annual income, and
Economy of the Democratic Republic of the Congo
8049560
speed is called slip, and loading the motor increases the amount of slip as the motor slows down slightly. Even with no load, internal mechanical losses prevent the slip from being zero. The speed of the AC motor is determined primarily by the frequency of the AC supply and the number of poles in the stator winding, according to the relation: where Actual RPM for an induction motor will be less than this calculated synchronous speed by an amount known as "slip", that increases with the torque produced. With no load, the speed will be very close to synchronous. When
AC motor
18333302
the full commitment amount, but cannot call more than what has been committed. If the General Partner does not call the full committed amount, the remainder is called the unfunded commitment. The commitment amount is part of the Limited Partnership Agreement signed between the Limited Partners and the General Partner. Some clauses of the LPA can refer to the commitment amount, such as: Capital commitment A Capital Commitment, Committed Capital or simply Commitment, is the agreed capital a General Partner can request (or draw down) from a Limited Partner. When an investor buys into a Private equity fund, the agreement
Capital commitment
19881042
(as the tax bill does per CBO and JCT estimates) means increasing the trade deficit, other things equal, under the sectoral balance framework. One inconsistent argument made by the Administration for the tax cuts is that they would bring in a sizable amount of foreign capital (increasing the capital surplus and its mathematical offset, the trade deficit), which would be invested by corporations and drive increases in GDP. However, this inflow of capital would drive up the price of the dollar, hurting exports and thus raising the trade deficit and thus reducing GDP. Economists at the Federal Reserve Bank of
Economic policy of Donald Trump
2358420
billion was returned as remittances to the countries of origin of foreign workers, equivalent to 1.3% of the world GDP. The source of income remains beneficial as remittances are often more stable that private capital flows. Despite fluctuations in the economy of GCC countries, the amount of dollars in remittances is usually stable. The spending of remittances is seen in two ways. Principally, remittances are sent to the families of guest workers. Though often put towards consumption, remittances are also directed to investment. Investment is seen to lead to the strengthening of infrastructure and facilitating international travel. With this jump
Foreign worker
12757353
reward factor is intended provide an incentive for vehicle manufactures to produce and sell electric vehicles, as a higher equivalent fuel economy for EVs improves the carmaker overall fleet fuel economy levels in complying with the CAFE standards, and Congress anticipated that such an incentive would help accelerate the commercialization of electric vehicles. The incentive factor chosen by DoE for EVs is the same 1/0.15 factor already applied in the regulatory treatment of other types of alternative fuel vehicles. When all factors are considered in DoE's formula, the energy efficiency or equivalent fuel economy of electric vehicles increases from 33,705
Miles per gallon gasoline equivalent
120871
Economy of Eritrea The Economy of Eritrea has experienced considerable growth in recent years, indicated by an improvement in Gross domestic product (GDP) in October 2012 of 7.5 percent over 2011. However, worker remittances from abroad are estimated to account for 32 percent of gross domestic product. Eritrea has an extensive amount of resources such as copper, gold, granite, marble, and potash. The Eritrean economy has undergone extreme changes due to the War of Independence. In 2011, Eritrea's GDP grew by 8.7 percent making it one of the fastest growing economies in the world. The Economist Intelligence Unit (EIU) expects
Economy of Eritrea
3496311
monthly interest rate of 0.6% and an APR of 7.2%. For a leasing arrangement with an initial capital cost of "C", a residual value at the end of the lease of "F" and a monthly interest rate of "r", monthly interest starts at "Cr" and decreases almost linearly during the term of the lease to a final value of "Fr". The total amount of interest paid over the lease term of "N" months is therefore and the average interest amount per month is This amount is called the "monthly finance fee". The factor "r"/2 is called the "money factor" Despite
Annual percentage rate
7423443
Transportation Security Administration. A4A called this campaign "Stop Air Tax Now." A4A's efforts were in response to a proposal in late 2013 to increase the tax to $5.00 from $2.50 per ticket. In 2012 this tax generated about $2.3 billion in revenue, double the amount for 2002. A4A staffers handed out air-sickness bags and leaflets at Washington Reagan National Airport asking "Are higher taxes on air travel making you sick?" Nicholas Calio said, "Raising taxes is lose-lose for airlines, passengers, jobs and our overall economy – it’s inappropriate for Congress to use airline passengers as an ATM when it needs
Airlines for America
9870410
the workers. He has called for "cutting off funding" for the National Labor Relations Board. As governor of Massachusetts and as a candidate for president, Romney has called for tying raises in the national minimum wage to indicators of growth in the economy, such as increases in the inflation rate. He has said that increases in the minimum wage should be moderate and predictable. Commenting in March 2012 on a proposal put forward by some Democratic legislators to raise the minimum wage from $7.25 to $10 per hour, Romney said that an increase in the minimum wage was probably not
Political positions of Mitt Romney
15824824
on hunting fish, he will have 4 less fish. If he devotes this extra hour to collecting coconuts, he will have 8 extra coconuts. The MRT is thus, MRT formula_8 formula_9 Under this section, the possibility of trade is introduced by adding another person to the economy. Suppose that the new worker who is added to the Robinson Crusoe Economy has different skills in gathering coconuts and hunting fish. The second person is called "Friday". Friday can produce 8 pounds of fish or 4 pounds of coconuts per hour. If he too decides to work for 12 hours, his production
Robinson Crusoe economy
3170943
of never tilling a field. Tilling every other year is called rotational tillage. No-till farming No-till farming (also called zero tillage or direct drilling) is a way of growing crops or pasture from year to year without disturbing the soil through tillage. No-till is an agricultural technique which increases the amount of water that infiltrates into the soil, the soil's retention of organic matter and its cycling of nutrients. In many agricultural regions, it can reduce or eliminate soil erosion. It increases the amount and variety of life in and on the soil, including disease-causing organisms and disease organisms. The
No-till farming
6207242
value of the asset increases when many buy (which is called "strategic complementarity"), but because investors come to believe the true asset value is high when they observe others buying. In "herding" models, it is assumed that investors are fully rational, but only have partial information about the economy. In these models, when a few investors buy some type of asset, this reveals that they have some positive information about that asset, which increases the rational incentive of others to buy the asset too. Even though this is a fully rational decision, it may sometimes lead to mistakenly high asset
Financial crisis
4777218
chosen automatically. Actions cannot be performed outside of battle, and the characters' health is fully restored after each battle. Each enemy has a meter, called a chain counter, consisting of a percentage starting at 100 which increases when the enemy is struck by attacks or spells. Attacks by different roles have different effects; some raise the chain by a larger amount while others give the player longer before the chain counter resets. The amount of damage performed by an attack is multiplied by the chain percentage before it is applied to the enemy. When the chain counter reaches a preset
Final Fantasy XIII
7072854
Famaillá Famaillá is a city in the province of Tucumán, Argentina, located 30 km south from the provincial capital San Miguel de Tucumán. It has 22,924 inhabitants as per the , and is the head town of the Famaillá Department. The city is called the "National Capital of the Empanada". It hosts a festival dedicated to it every September. The area hosts an experimental agricultural station of the National Institute of Agro-Technology ("Instituto Nacional de Tecnología Agropecuaria", INTA). Its economy is based on exports of sugar and strawberry. Famaillá was the site of the Battle of Monte Grande in 1841,
Famaillá
14774370
to account for the differences are the greater urbanization of the CIS economies and differences in social welfare and other institutions. Another argument is that, in the Eastern European economies, political change is sometimes seen to have made gradualist reforms impossible, so the shocks and inflation were unavoidable. China's economic growth has been compared with other developing countries, such as Brazil, Mexico, and India. GDP growth in China outstrips all other developing countries, with only India after 1990 coming close to China's experience. Scholars believe that high rates of investments, especially increases in capital invested per worker, have contributed to
Chinese economic reform
4521852
Mutualism, Syndicalism, Participatory economics, Guild socialism, Libertarian socialism as well as others. Economists have modeled the worker cooperative as a firm in which labor hires capital, rather than capital hiring labor as in a conventional firm. The classic theoretical contributions of such a "labor managed firm" (LMF) model are due to Benjamin Ward and Jaroslav Vanek. In the neoclassical version, the objective of the LMF is to maximize not total profit, but rather income per worker. But such a scenario implies "perverse" behavior, such as laying off workers when output price rises so as to divide increased profits among fewer
Worker cooperative
4405343
Nations" and it figures into the question of general equilibrium and the general glut controversy. In the general equilibrium model savings must equal investment for the economy to clear. The economy grows as division of labor increases productivity of laborers. This increased productivity in laborers creates a surplus that will be split between capitalists’ expenditure on goods for themselves and investment in other capital. The accumulation of saving and parsimony of capitalists leads to greater increases in capital which leads to a more productive state. Smith advocates this parsimony of profit as a virtue. Smith provides the example of the
Savings identity
119423
one of the largest in the world, with an average GDP per capita of £22,907. Usually regarded as a mixed market economy, it has adopted many free market principles, yet maintains an advanced social welfare infrastructure. The official currency in England is the pound sterling, whose ISO 4217 code is GBP. Taxation in England is quite competitive when compared to much of the rest of Europe – the basic rate of personal tax is 20% on taxable income up to £31,865 above the personal tax-free allowance (normally £10,000), and 40% on any additional earnings above that amount. The economy of
England
720804
own industries if they wish them to survive long enough to achieve competitive scale." Galbraith then explains that nations trapped into specializing in agriculture are condemned to perpetual poverty. Agriculture is dependent on a finite natural resource called land. People can't make more of it. As the population increases the per capita land resources decreases. Also the average farm size has also been increasing. If a nation is not allowed to expand into manufacturing and only specialize in agriculture, that nation is condemned to an ever expanding poverty. The strength of free trade is its weakness. A diverse economy is
Comparative advantage
9663079
converted to acetyl CoA that can be used in the citric acid cycle, which increases the efficiency to 36 moles of ATP per mole of glucose. Therefore, about 16 times as much glucose must be consumed anaerobically as aerobically to yield the same amount of ATP. Under anaerobic conditions, the rate of glucose metabolism is faster, but the amount of ATP produced (as already mentioned) is smaller. When exposed to aerobic conditions, the ATP and Citrate production increases and the rate of glycolysis slows, because the ATP and citrate produced act as allosteric inhibitors for phosphofructokinase 1, the third enzyme
Pasteur effect
165805
the financial and business capital of Hungary. The capital is a significant economic hub, classified as an Beta+ world city in the study by the Globalization and World Cities Research Network and it is the second fastest-developing urban economy in Europe as GDP per capita in the city increased by 2.4 per cent and employment by 4.7 per cent compared to the previous year in 2014. On the national level, Budapest is the primate city of Hungary regarding business and economy, accounting for 39% of the national income, the city has a gross metropolitan product more than $100 billion in
Hungary
6762108
It is a time consuming and fiddly iterative process, that is one of the most difficult and skillful parts of wheeling. As the size of the panel/section increases, the work involved and the level of difficulty increases disproportionately. This is also a reason that very large panels can be very difficult to do and are made in sections. High crown panels/sections may need to be annealed due to work-hardening of the metal, which makes it brittle unworkable and liable to fracture. After achieving the correct basic shape with the correct amount of metal in the right places, the worker must
English wheel