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Economists and policymakers, he argues, should focus less on neoclassical prescriptions tax and spending incentives, inputs of labor, capital and physical resources and more on barriers to dynamism.
Economic growth is mainly driven by improvements in productivity, which involves producing more goods and services with the same inputs of labor, capital, energy, and materials.
Though it is questionable exactly how fully the Communist Party apparatchiks grasp what this means in any practical sense, it nonetheless reflects the recognition of China's leaders that the export manufacturing model that has resulted in the high-growth rates of recent decades due to massive inputs of labor and capital has about run out of steam.
Similar(57)
A plate of steak and potatoes requires a tremendous input of labor if you're going to charge $38 for it.
Decommissioning would require an input of labor and supplies in order to ensure future environmental or human harm does not occur, while biomass conversion is a major capital upgrade.
In mainland Southeast Asia, the only areas of alluvium that could have offered suitable areas for wet rice cultivation at 2,000 BC, without a considerable input of labor on the part of the farmers, were presumably on the fringes of the largest riverine basins like the Pearl, Red, and Mekong (Proske et al. 2010).
I know how considerable the input of labor is to raise this very modest harvest.
A possible future strategy lies in understanding the processes and establishing the cause effect relationship which create synergistic effects in enhancing productivity per unit input of land, labor, energy and time.
Start with the notion of an aggregate production function, which relates economy-wide output to economy-wide inputs of capital and labor.
Some of those improved margins in the retail sector, for instance, will come from what McKinsey delicately terms "the optimization of labor inputs".
Cervical cytology is more labor intensive, requiring a broader range and quantity of labor inputs with less reliance on equipment.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com