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Information technology is reducing the labour content of goods and services "in an unprecedented way".
A properly justified automation project will increase productivity owing to increases in production rate and reductions in labour content.
The big offshore manufacturers are most competitive where there is high volume or high labour content, or where long lead times are acceptable.
Owing to the high labour content and high cost of manual labour, greater attention has been given in recent years to the use of automation for assembly work.
He suggests that only capital expenditure projects that have at least 50% UK labour content should be considered and warns that bolting foreign trains together in a British plant "is hardly the same".
But where there is no international competition (health-care services, rents), strong protection (food) and/or a high labour content (construction, hotels, restaurants), prices are much higher.The least market-oriented sector of the Swiss economy is agriculture.
Similar(49)
Surely he would have sneered at how cosy today's Tories and Liberals are, and at a Labour party content merely to argue about how deep to cut.
Similarly, I'm sure that Trinity Mirror's chief executive, Sly Bailey, was not going to invest in a labour-saving content management system (ContentWatch in this case) without wanting to see a parallel cut in staff.
The amount of (mostly unpaid) human labour behind this content is astonishing.
Instead, Mr Brown has actually made one of the "tough choices" that New Labour is usually content merely to talk about.
The websites provide job-related content, labour law and minimum wage information, VIP wages, and a free 'salary check' presenting average occupational wages based on the web survey data.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com