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The impact of technological invention and innovation should surprise no one who is conscious and who has even causally observed the constant shift to non-human productive inputs in the manufacturing, distribution, and sales of products, as well as the delivery of services, that has been occurring during their lifetime.
The validity of the approach requires: (i) that profit maximizing producers employ productive inputs up to the point at which marginal product is equal to the opportunity cost; and (ii) that the total value of the product can be divided, so each input can be 'paid' according to its marginal productivity and the total value of product is thereby exhausted.
The fact that a good deal of production growth stems from improvements in the quality of the productive inputs leads to considerable flexibility in the distribution of the national income.
Here he also advanced the concept of social capital as being a permanent, ongoing stream of future incomes out of which all productive inputs, including capital goods, are temporarily taken for a charge (interest).
The level of income and the economic well-being of farm people in general are determined by many factors, including not only the prices they receive for their output but also the rate at which the economy in general is growing, the ease with which people can move from farm to nonfarm jobs, the prices they must pay for their productive inputs, and their level of education.
This could be due to the fact that the male headed households tend to have larger output than the female headed households as a result of their better access to productive inputs.
Similar(48)
This marginal yield of a productive input came to be called the value of its marginal product, and the resulting theory of distribution states that every type of input will be paid the value of its marginal product.
The paper observes that during the early period of Five Year Plans, electricity was mainly used for productive input in agro-industries and for irrigation.
The ethicists' approaches had to be reinvented in light of the challenge of providing productive input to professionals in the field faced with ethical issues that would not go away.
The cost of absenteeism was estimated by the conventional approach of using workers' time cost to approximate the value of their productive input.
However, their access to productive resources, inputs and services for agriculture reflects a 'gender gap' that is most often rooted in social norms specific to a given geography and culture.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com