The measure of productivity for determining growth performance of a country

Agenda for Peace and Equitable Development an international effort to formulate a comprehensive, human-centered theory of development that will lead to more effective strategies to accelerate development.

With this approach, the GDP of a country is calculated as its national income plus its indirect business taxes and depreciation, as well as its net foreign factor income.

It is the energy of people seeking to fulfill their aspirations that serves as the driving force for development. A society existing at the level of survival has sufficient energy to meet the most basic human needs, but no surplus available to enhance life at the present level or to direct toward higher levels of achievement.

The production of material surpluses and high levels of movement and exchange are indices that surplus energy is available for development. If the Federal Reserve lowers interest rates, and that leads to an increase in stock market prices, CEOs should not get a bonus as a result. China continues to lead the world in growth rates by liberalizing its economy while maintaining an authoritarian form of government.

The increasing pace of development over the past five centuries is directly linked to an increase in the speed and reliability of information about what is taking place in other parts of the country, region and world due to improvements in communication and transportation.

The Chinese developed a traditional immunity to the world experience. Meanwhile, energy generation from wind grew percent from to and is still increasing at a 25 percent annual rate. This leads to higher GDP, eventually combined with inflation.

Still another piece of evidence supporting the importance of rent-seeking in explaining the increase in inequality is provided by those studies that have shown that increases in taxes at the very top do not result in decreases in growth rates.

The expansion of world trade after has been a tremendous force for stimulating job creation and raising living standards around the world. Consumer spending is the biggest component of the economy, accounting for more than two-thirds of the U.

At a further stage the activity is promoted through education and family until it becomes a social institution and is assimilated into the social culture. Scenario 3 implies that there is both increased demand and shortage of supply.

Castes, classes and communities within countries respond in the same way to achievements and new ways of life adopted by those whom they view as socially or culturally inferior. But it will also imply a cheapening of labour relative to the cost of other competing factors of production.

Gross Domestic Product - GDP

With quantitative measurements especially, the definiteness of the result suggests, often misleadingly, a precision and simplicity in the outlines of the object measured.

The reason why these ideas justifying inequality have endured is that they have a grain of truth in them. According to their estimates, financial sector compensations have been about 40 percent higher than the level that would have been expected under perfect competition. Social development is an expression of social will seeking to elevate the performance of the collective.

Included also are the education and skills of the labour force; the level of technology; methods of organizing production; the energy and enterprise of managers and workers; and a range of social, psychological, and cultural factors that underlie and condition economic attitudes and behaviour.

The kinds of raw materials used may change, with better grades being required or the use of lower grades becoming possible. Along with the development of new processes came the development of new products and services that formed the basis for new industries.

An axiomatic approach to computational complexity was developed by Manuel Blum. This remarkable achievement illustrates the power of planned development when it is undertaken with conscious knowledge.


What lessons can we learn from errors of thinkers in the past to avoid applying the same flawed methodology to our own analysis of the future?

In the nineteenth century, they strived to explain and either justify or criticise the evident high levels of disparity. The current exchange rate method converts the value of goods and services using global currency exchange rates.

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This awareness may also be thrust on a society by the unwanted intrusion of an external influence. There are other reasons to doubt standard marginal productivity theory. The achievement of national food self-sufficiency within five years and a doubling of total food grain production within a decade confounded the expectations of the experts and exceeded even the most optimistic projections.

Explanations of long-term productivity changes in a country, region, or industry usually stress technological change and, as an adjunct, changes in the quality and quantity of capital.International Journal of Academic Research in Business and Social Sciences AugustVol.

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Working Papers

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Pascal Paul • Federal Reserve Bank of San FranciscoEmail: [email protected] First online version: November International Journal of Academic Research in Business and Social Sciences FebruaryVol. 3, No. 2 ISSN:

The measure of productivity for determining growth performance of a country
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