What Is The Competitive Nature Of Productivity?

Competition is prevalent in various aspects of life, including sports, school, and jobs. Everyone at some point in their lifetime will have to compete against others in order to achieve a goal or earn a prize. It’s how the world has worked for a long time; it’s survival of the fittest and this minor competition between everyone is how we have continuously gotten smarter, faster, and stronger. Competition is necessary to a certain degree, but how much is too much? It’s definitely not a bad thing, and as long as there’s a healthy amount, it can be beneficial because it fosters self-improvement, and it will push people to go all out and try their absolute best.

Looking back over the past ten years and most especially the past three years for investment returns and economic possibilities, there seems to be more growth in the past 24 months than what we have seen in over a decade. The rapidly changing international economic climate and the current government struggles with tax based polices and the continued climbing US

Economic Development: Growth is associated with structural, social change and change in the important institutions of the economy.

Economic growth is a common term used by economists to describe in increase in production in the long run. According to Robinson (1972) economic growth is defined as increases in aggregate product, either total or per capita, without reference to changes in the structure of the economy or in the social and cultural value systems. The basic tool of measuring the economic growth includes the real GDP. It provides some quantitative measures in terms of the production volume.

Another desirable effect of economic growth is increased tax revenue, the government receives more money from tax payers with out having to increase tax rates. If people are earning more, the more money they will pay in tax, the more money companies make the more tax they must pay to the government. The more money the government gains in tax revenue the more they can do to improve the country, they can invest in transport and infrastructure, they can make improvements to health care and they may even need to employ more people further reducing unemployment.

Businesses need a “high level of economic security” in order to sustain maximum production (Galbraith 111). So the increase in the production was not to create more goods, although that resulted, but to secure more economic stability. The goods are secondary compared to the their “assured production means assured income for those who produce them” (Galbraith 114). This typical attitude towards production changes in the 1950s.

Erik Brynjolfsson once said “The key to growth? Race with the machines”. Erik stated this in an argument against Robert Gordon. The two of these wise men had discussed innovation and had major differences. Robert believed that innovation would have an end, while Erik said growth would continue as long as the people kept up with it the innovations. I agree with Erik, because growth does not end; and it can continue as long as people race with the new productivity and don’t allow it to take over.

A nation’s wealth is determined by its increase in long-term economic growth. It is an increase in the potential gross domestic product, GPD. The growth is displayed by an outward shift in a nation’s long-term aggregate supply curve (Riley, 2016). The United States as a developed nation, transformed by technology long-run economic growth is the advancement in innovations, quality natural resources and human capital. The long-term growth produce goods and services in output indicating the nation’s standard of living example employments, spending, saving, and investment. As we learned, from the week’s lesson notes, output increases the market aggregate demand and a company’s scale of production for specialization and division of labor with the

Higher labor costs and allocation of factory space are excellent indications that manufacturing output has indeed gone up within the United States. However, I would not consider it a “revolution” by any means because most of the data suggests this is only a gradual upward trend and hasn’t changed any aspects of business. Although, if this upward trend continues, we can expect more job openings, greater use of factory space, and more “made in the US” products floating up around the markets of the world. Luckily, accountants aren’t paid to forecast so my essay ends here.

The future of the economy is still going strong but one has not seen the great strides in advancement, as was the case from 1983 to 1993(economy). "Per capita personal income for the Nation is projected to increase 1.2 percent per year in 1993-2005, compared with a 1.4 percent increase per year in 1983-93. The growth rate slows as a result of the relationship between personal

To begin with, Chapter two covers three important aspects of the business world which are competitiveness, strategy, and also productivity. These particular aspects are very important for any company to succeed in the world of business. With that being stated, any type of firm such as a manufacturer or a service provider, they must employ these three aspects because they play an important role in growing revenues. For an organization to even be considered successful, they must have a competitive advantage which leads to a strategy that will meet the company’s goals, while having the knowledge-ability to help produce the goods and services in a cost effective manner. Also, it is known that most organizations have a single state called the Mission Statement. The mission statement basically summarizes these three aspects of a company. One question that the Mission Statement should address is, “What level of business are we in?” This mission statement is categorized as the absolute basis for the organizational goals.

Michael E. Porter, associate professor published the article titled “How Competitive Forces shape Strategy” in Harvard Business Review in 1979. This article is retitled as “The Five Competitive Forces That Shape Strategy” and published in Harvard Business Review in 2008. Michael E. Porter developed the model of Five Competitive Forces which is defined as “Competitive Strategy – Techniques for Analyzing Industries and Competitors”. It has become a main device for analyzing an organizations structure in strategic practices.

In the long-run, because of the structure of the production function, the capital is subject to diminishing returns, that is to say, “as the stock of capital rises the extra output produced from an additional unit per capita falls”. That means the curve of the productivity becomes flatter as the amount of capital increases (Mankiw and Taylor 2011, pp. 536).

In the face of intensified global competition and liberalised trade, productivity has emerged as a key indicator of successful restructuring and upgrading by firms and industries. Traditionally, productivity growth has been regarded as one of the main sources of income growth, along with the factors such as capital accumulation and the deepening of human capital development. Over the past two decades, liberalisation has become an important part of many countries' development strategies. The present study analyses the review of earlier studies on productivity

In this model the productivity of a firm in a given region and time is determined by the productivity of firms in other regions and also other explanatory factors of firms in other regions.