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And, if you increase the productivity of anything, you have the effect of reducing its implicit price, because you get more return for the same money — which means the demand goes up".
The sharpest example of that is the implicit price of life: the amount of money spent on health care in Britain and India implies that the life of a Briton is worth more than the life of an Indian.
Former President Bill Clinton established a new class of insider with his Lincoln Bedroom sleepovers, although those usually came with an implicit price tag as he tried to raise campaign money.
The implicit price deflator of the non-financial business sector (services as well as manufacturing) fell by 0.6% in the year to the second quarter the first fall since the second world war (see chart).The risk of deflation in the euro area as a whole remains much slimmer; inflation is still over 2%.
Researchers at the Organisation for Economic Co-operation and Development OECDD), a club mostly of rich countries, recently constructed the first comprehensive set of data on environmental strictness and its effect on productivity.† The researchers got around the difficulties of incomplete national accounts by calculating an index based on the explicit or implicit price of green policies.
As he tells Dorothy Wickenden on this week's Political Scene podcast: Any of these phrases are really referring to the same thing, which is having an implicit price on the carbon content or the three fossil fuels: coal, petroleum, and natural gas.
Similar(22)
The implicit prices of these commodities are derived from the household production functions.
This study estimates the implicit prices of indigenous sheep traits based onrevealed preferences.
These differences are reflected in the implicit prices of commodities consumed.
Under competitive market conditions, implicit prices will normally be related toproduct attributes alone, without accounting for producer or supplierattributes.
bAn anonymous referee suggested including in the analysis estimates of "implicit prices" provided by hedonic price modeling as done by Deselnicu et al. (2013).
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com