scholarly journals Endogenous Technical Progress in the Theory of Economic Growth

2014 ◽  
Vol 2014 ◽  
pp. 1-5 ◽  
Author(s):  
Vladimir N. Pokrovskii
Keyword(s):  
Economic Growth ◽  
Technical Progress ◽  
Capital Stock ◽  
Production Equipment ◽  
Us Economy ◽  
Production Processes ◽  
The Us ◽  
Endogenous Technical Progress ◽  
Theoretical Results

It is shown that substitutive work, which can be defined as work of production equipment (capital stock) replacing the efforts of workers in production processes, can be considered as a measure of technical progress. The methods of estimation of substitutive work are discussed. The theoretical results are illustrated on the data for the US. economy.

scholarly journals Migration Research and Policy in the United States

2019 ◽  
pp. 146-166
Author(s):  
Philip Martin
Keyword(s):  
United States ◽  
Economic Growth ◽  
Policy Maker ◽  
The United States ◽  
Social Scientists ◽  
Economic Output ◽  
Us Economy ◽  
Migration Research ◽  
The Us ◽  
Research And Policy

US researchers have reached more consensus on the number and characteristics of migrants than on their socio-economic impacts, especially with regard to unauthorized migrants. When there is consensus among social scientists on some aspect of migration, such as the additional economic output due to the presence of migrants, this consensus result suggests very different policies for advocates. For example, the finding that the US economy may have been up to $10 billion larger in the 1990s due to migrants was touted by advocates of more migrants as proof of their benefits, and criticized by those favouring less migration as the equivalent of two weeks economic growth. President Trump is an example of a policy-maker selectively using migration research to justify restrictionist policies.

scholarly journals ESTRUCTURA PRODUCTIVA Y CRECIMIENTO ECONÓMICO EN MÉXICO: UNA PERSPECTIVA MULTISECTORIAL

2019 ◽  
Vol 78 (309) ◽  
pp. 3 ◽  
Author(s):  
Fidel Aroche Reyes
Keyword(s):  
Economic Growth ◽  
Technical Change ◽  
Slow Growth ◽  
Economic Policies ◽  
Long Period ◽  
Us Economy ◽  
The Us ◽  
Productive Structure ◽  
Manufacturing Productivity ◽  
Structural Perspective

<p>La economía mexicana ha registrado cuatro décadas de lento crecimiento; no obstante, es razonable esperar que su estructura productiva haya cambiado en ese largo horizonte temporal como resultado del cambio técnico incorporado o de las políticas económicas centradas en la integración con la economía de Estados Unidos, entre otras causas. De acuerdo con la llamada “ley Kaldor-Verdoorn”, el crecimiento de la economía se explica por el comportamiento del producto y la productividad en el sector manufacturero. Luego, se deduce que este sector ha perdido la capacidad de generar crecimiento. En este artículo se examina esta hipótesis desde una perspectiva estructural y desde la de esa ley, estimando también los multiplicadores del producto al modo de Miyazawa.</p><p> </p><p align="center">PRODUCTIVE STRUCTURE AND ECONOMIC GROWTH IN MEXICO: A MULTISECTORAL PERSPECTIVE</p><p align="center"><strong>ABSTRACT</strong><strong></strong></p>The Mexican economy has shown four decades of slow growth; still it would be reasonable to expect changes in its productive structure along such a long period of time considered, as a result either of the embodied technical change or as a result of the economic policies, that have sought the integration with the US economy, among other causes. According to the so called “Kaldor-Verdoorn law”, growth is explained by the behaviour of both output and the manufacturing productivity; hence, in Mexico this sector must have lost its ability to induce growth in the economy as a whole. This paper examines such hypothesis from a structural perspective, considering such law, estimating also the output multipliers <em>á la mode</em> de Miyazawa.

China: a doomed and distorted growth model?

2017 ◽  
Author(s):  
Jude Woodward
Keyword(s):  
Economic Growth ◽  
Growth Model ◽  
Rapid Change ◽  
Western Culture ◽  
Washington Consensus ◽  
The West ◽  
Mainstream Media ◽  
Us Economy ◽  
The Us ◽  
Human Cost

China’s advance towards overtaking the US economy has taken place at such speed that it has taken most observers by surprise. At the same time, with contemporary China only just beginning to appear in mainstream Western culture, China remains a closed book to the mass of the population in the West. This combination of rapid change and ignorance creates understandable fears as to what this may mean, which are inflated by a generally hostile and distorted mainstream media narrative about China that is subject to little informed scrutiny. Even more serious discussions about China are distorted by attempts to sustain the myths of the ‘Washington consensus’; meaning it has to be claimed that China’s economic growth must be exaggerated, unsustainable, about to crash or has only come at immense human cost. This chapter considers some of the myths and misinformation that inform popular prejudices about China and tackles some misconceived theories that distort more influential opinions, including in assessing China’s economic achievements and prospects.

scholarly journals Local Effects from the Monetary Policy Globalization

2021 ◽  
Vol 6 (1) ◽  
pp. 21-27
Author(s):  
Oleksandr Bandura ◽  
Valeriia Tkachova
Keyword(s):  
Economic Growth ◽  
Growth Rate ◽  
Monetary Policy ◽  
Foreign Exchange ◽  
National Economy ◽  
Local Level ◽  
Economic Growth Rate ◽  
Policy Effects ◽  
Us Economy ◽  
The Us

Most central banks of developed countries realize the “quantitative easing” (QE) monetary policy that allows us to speak about globalization as for monetary policy, as for this policy effects. We identified some positive and negative effects from the QE policy for the US economy (as the issuing country) and for Ukraine (as a country that accept of this policy effects on local level) that can be taking into account when national economy economic planning.At the base of author’s CMI-model of macroeconomic dynamics we proposed possible explanation for this monetary policy effects for the US economy that have no satisfied explanation within well-known models: 1) comparatively low economic growth rate under the QE monetary policy; 2) phenomenon of low inflation under sharp rising of money supply as a result of the QE policy; 3) phenomenon of record employment under comparatively small economic growth rate. Also we identified some other effects of the QE monetary policy that can be explained within well-known models. There are the following ones: negative interest rates for bonds market, the US dollar weakening on FOREX market, price rising for gold and various digital assets. We proposed some possible ways to use global effects from the QE monetary policy to benefit Ukrainian economy. For example, we proposed to change the structure of part of the gold and foreign exchange reserves of the National Bank of Ukraine (NBU) in order to increase its value, actually, under the risk-free way. We can use periods of the US economy stimulus provided by Federal Reserve Bank to increase part of gold in the reserves with corresponding decreasing of foreign exchange part. When the stimulus will be stopped, we proposed to decrease part of gold with corresponding increasing of foreign exchange part. Conclusions, tied with impact of the cumulative market imperfections value (ΔР) on economic growth rate obtained for the US economy, are valid and for Ukrainian economy, because, beforehand, we proved the validity of our CMI-model for national economy, too. JEL classification: E30, E31, E32, E37

Prospects for the US economy to end-2019

2019 ◽  
Keyword(s):  
Economic Growth ◽  
Housing Market ◽  
Labour Market ◽  
Manufacturing Sector ◽  
Financial Stress ◽  
Economic Expansion ◽  
Content Type ◽  
The Third ◽  
Us Economy ◽  
The Us

Subject Prospects for the US economy to end 2019. Significance The strong US labour market and low borrowing costs for businesses and individuals are helping to sustain the decade-long economic expansion. GDP grew by more than 3% in January-March, the third quarter out of four in which it was above 3%. The lacklustre housing market, softening manufacturing sector and rising consumer financial stress may dampen economic growth in the rest of 2019, taking it to 2.3-2.5% for the year.

scholarly journals Monetary Policy, Trend Inflation, and the Great Moderation: An Alternative Interpretation

2011 ◽  
Vol 101 (1) ◽  
pp. 341-370 ◽  
Author(s):  
Olivier Coibion ◽  
Yuriy Gorodnichenko
Keyword(s):  
Alternative Interpretation ◽  
New Keynesian ◽  
Positive Trend ◽  
Us Economy ◽  
Trend Inflation ◽  
The Us ◽  
Before And After ◽  
New Keynesian Models ◽  
Policy Trend ◽  
Theoretical Results

With positive trend inflation, the Taylor principle does not guarantee a determinate equilibrium. We provide new theoretical results on determinacy in New Keynesian models with positive trend inflation and new empirical findings on the Federal Reserve's reaction function before and after the Volcker disinflation to find that, (i) while the Fed likely satisfied the Taylor principle before Volcker, the US economy was still subject to self-fulfilling fluctuations in the 1970s, (ii) the US economy switched to determinacy during the Volcker disinflation, and (iii) the switch reflected changes in the Fed's response to macroeconomic variables and the decline in trend inflation. (JEL E12, E23, E31, E32, E52)

scholarly journals The Deterioration of Reproduction Conditions in the U.S. Economy

2018 ◽  
Vol 11 (2) ◽  
pp. 133-150
Author(s):  
V. S. VASILIEV
Keyword(s):  
United States ◽  
Economic Growth ◽  
Economic Development ◽  
Synergistic Effects ◽  
The United States ◽  
Economic Returns ◽  
Goods And Services ◽  
Us Economy ◽  
The Us ◽  
American Society

In the article the reasons for the deceleration of the average annual rates of economic growth of the United States are analyzed.  The rates declined in one and the half decade of the XXI century twice in comparison with the last three decades of the  twentieth century. Leading American economists and analysts  associated the main cause of the slowdown in economic growth with  a double drop in the rate of total factor productivity (TFP). This  indicator reflects the synergistic effects of the interaction of physical  and human capitals in the production process. The gradual decrease in the synergetic value of the interaction of labor and  capital in the US economy, other things being equal, also means a  decrease in the contribution of sinergetic factor to the rates of  economic growth and a greater priority in the state socio-economic policy of the capital factor in economic development. In  turn, the increasing role of capital in the economic development of  the US turns around with a sharp increase in inequality in income  distribution among different social strata of American society,  resulting in the bulk of the increase in economic production to  primarily 20% of the wealthiest layers of American society. The  growth of injustice in the distribution of goods and services in recent  decades in the United States was due to the lack of purposeful state  policy of the income redistribution. me. The absence of such a policy  stemmed from a growing crisis of most components of the  reproductive logistics of the American economy. In the end, general  conclusion is that the trend towards long-term decline in economic  growth will continue in the future because the US will be forced to invest trillions of dollars for infrastructure modernization in the  economy, which will not bring back quick economic returns in the short and possibly medium term.

Prospects for the US economy to end-2016

2016 ◽  
Keyword(s):  
Economic Growth ◽  
Interest Rate ◽  
Federal Reserve ◽  
Content Type ◽  
Financial Volatility ◽  
Us Economy ◽  
The Us ◽  
The Eu

Subject Prospects for the US economy to end-2016. Significance A disappointing employment report for May, with only 38,000 jobs added, has fuelled speculation that the US economy may be in for a year of slowing economic growth in 2016. The Federal Reserve (Fed)'s decision on June 15 to delay further any interest rate hike only highlights that concern, which now is also exacerbated by the financial volatility induced by the United Kingdom's vote to leave the EU.

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