econ-essay - Jamie Liles and Lucia Chicas 15 November 2007...

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Jamie Liles and Lucia Chicas 15 November 2007 Economics 201 The United States of America: Productivity is Our Middle Name The United States has one of the highest levels of productivity in the world . It outreaches that of the developed European Countries and Japan by approximately thirty percent. The average labor productivity grew by 105% from 1960 to 2004. The United States is fortunate to have an environment that encourages growth in human and physical capital . The high levels of education are important to productivity, which may be related to growth of income and compensation. In addition, the natural resources, technological advances, entrepreneurship, and political standing have helped shape the U.S. into a country that can withstand many obstacles. The United States has the greatest and most technologically influential economy in the global world . In an economy that relies on the market, private employers and business firms seem to compose of most of the results . The U.S. businesses appear to have more elasticity than the countries of Europe and Japan in choices to increase capital, to develop new goods, and to let go of insufficient workers . All in all, human capital has substantial strong points in the United States economy. Human capital is measured by the talent, education, and training of one individual. In the United States, the productivity growth and output per hour worked are some of the highest in the world. In the past twenty years, there have been 1000 new institutions installed, alongside major increases in total enrollment of public and private universities. With higher education levels improving, job growth has been fairly strong over the past few years. The economy has produced approximately two million payroll jobs per year; this trend is expected to continue to increase. It maybe a bit surprising that the United States is a leader in terms of performance. On average, the
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number of hours worked in the U.S. exceeds that in most European countries. A typical worker
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This note was uploaded on 04/02/2008 for the course EC 201 taught by Professor Xasdf during the Spring '08 term at N.C. State.

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econ-essay - Jamie Liles and Lucia Chicas 15 November 2007...

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