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The number of hours that Americans worked were minimized, and the volume of output produced by their labor was exaggerated.
Devaluation makes it harder for borrowers to repay foreign debts, but it does not reduce the volume of output.
In these industries, large plants can produce products at a much lower cost than small ones because the cost per unit drops as the volume of output rises.
There were several such periods of "good deflation" while the world was on the gold standard; with growth in the money supply constrained, prices were pushed down whenever the volume of output grew rapidly.
In the past two years, for example, cash spending rose by 21%, but the volume of output increased by 4%.Much of the extra money has gone on rising public-sector wages and more costly purchases from the private sector.
In the economic system of the modern world, output is primarily produced for sale; and the volume of output depends on the amount of purchasing power, compared with the prime cost of production, which is expected to come on the market.
Similar(43)
The new system has almost the opposite weaknesses: it induces short-term planning, in which capital expenditure is squeezed in favour of current spending, and allows the volume of outputs and inputs to be governed by optimistic assumptions about price increases.
With the globalization of research and the dramatic increase in the volume of outputs, the ambiguity problem has only been exacerbated.
Each physician's productivity was determined by the quantities of inputs utilized and the volumes of outputs produced.
She and her partners had hoped that over time, and as the volume of their output grew, they would create more production and time efficiencies and that their costs would fall.
"They're suspicious of the volume of her output.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com