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Instead of a virtuous circle of strong investment fueling aggregate demand and building future productive potential, the United States economy is caught in a vicious cycle of weak investment, lackluster job creation and a faltering potential growth rate.
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PwC's review is based on a detailed analysis of the BBC's main areas of operation taking into account wider market and technological developments to set out the potential for future productive efficiency savings.
In the Charter Review document published the same day, he wrote: "The BBC is approaching its centenary in 2022 and the decisions taken over the coming months will shape the BBC for the next generation". In March, the BBC Trust and BBC Executive commissioned PwC to carry out an independent review of the potential for future productive efficiency savings over the next Charter period.
High levels of unemployment impose substantial costs not only in terms of human suffering and forgone output now but also in terms of the economy's productive potential in the future.
Because, in the simplest terms, future growth in the world economy, and future jobs in the developing world, will depend on harnessing both the productive potential and the pent-up consumer demand of this continent and the developing world.
Whereas the HCA reflects lost productive potential, the FCA measures actual production losses.
The economy fulfills its productive potential.
Productive potential was very high, averaging 120 m3 loose chips (or 42 tonnes of green chips) per productive machine hour.
My government hopes to raise the "productive potential of the economy", she said.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com