Applied Economics, 10th Edition by Alan Griffiths, Stuart Wall

By Alan Griffiths, Stuart Wall

"Applied Economics" is perfect for undergraduates learning economics, enterprise reviews, administration and the social sciences. it's also appropriate for these learning expert classes, HND and 'A' point courses."Applied Economics" communicates the energy and relevance of the topic to scholars, bringing economics to lifestyles. Containing updated info on financial concerns and occasions, the publication is helping scholars observe monetary ideas to the 'real global' and provides them an perception into the problems of formulating and imposing monetary coverage.

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Historically the UK was a net exporter of manufactures, so that surplus foreign exchange was earned which enabled the country to run a deficit on its trade in food and raw materials. Singh (1977) defines an ‘efficient’ manufacturing sector as one which ‘not only satisfies the demands of consumers at home but is also able to sell enough of its products abroad to pay for the nation’s import requirements’. Singh also states that this is subject to the restriction that ‘an efficient manufacturing sector must be able to achieve these objectives at socially acceptable levels of output, employment and exchange rate’.

2 Source: ONS (2003) Economic Trends, March, and previous issues. points on 1964, much more than the 65 points recorded for the whole economy. This is certainly supportive of the view that manufacturing is a vital ‘engine for growth’. 6 points since 1964. 2 points. 4, since a relatively rapid labour productivity growth and a static output are invariably associated with a reduction in employment. 10 where UK labour productivity growth rates in this sector are compared to those for three of its main rivals.

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. What matters, of course, is not only the growth rate of labour productivity but also the base level from which that growth takes place. 8 compares absolute levels of labour productivity in the UK with those in three of its main competitors, namely the US, France and Germany.

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