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Applied Economics by Alan Griffiths, Stuart Wall

By Alan Griffiths, Stuart Wall

Utilized Economics is perfect for undergraduates learning economics, enterprise stories, administration and the social sciences. it's also appropriate for these learning expert classes, HND and 'A' point courses."Applied Economics" communicates the power and relevance of the topic to scholars, bringing economics to existence. Containing up to date info on monetary matters and occasions, the publication is helping scholars follow monetary ideas to the 'real international' and offers them an perception into the problems of formulating and imposing fiscal coverage.

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If, as a consequence of lower real wages, older and more labour-intensive methods are retained in the face of competition from new technology, markets will often still be lost on the basis of quality, even if prices can be held at apparently low levels. In these circumstances, the UK would be producing goods under similar conditions to many newly industrializing Third World countries. Low productivity, not fully compensated by low wages or by a lower exchange rate, leaves UK companies in a weak market position.

Since the cost of capital averaged around 5–7% per annum over the same period, the payoff for investing in either physical or human capital in the UK was hardly attractive! Productivity and labour skills The above account points to the importance of capital intensity in enhancing productivity. Of course the productivity of a nation also depends on the skills of its management and workforce in making the best use of whatever resources are available. Management is responsible for selecting projects, organizing the flow of work and the utilization of resources, so that effective management is a ‘necessary’ condition for good productivity performance.

Finally, the study pointed clearly to weaknesses in UK management by pointing out that US-owned companies based in the UK are nearly 90% more productive than their UK-owned counterparts. A relative lack of managerial qualifications in the UK may be a contributory factor here. For example, according to the UK’s Labour Force Survey around 35% of UK managers have no qualifications or are qualified below NVQ Level 3, with fewer than 40% qualified to NVQ Level 4 or higher. Research has shown that better-qualified UK managers tend to positively influence company performance through their superior human resource management skills and are also more likely to adopt strategies for introducing new, higher quality products (Bosworth et al.

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