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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

Change in labor productivity is one of the most watched international statistics of growth. Visit the St. Louis Federal Reserve website and find the data section (http://research.stlouisfed.org). Find international comparisons of labor productivity, listed under the FRED Economic database (Growth Rate of Total Labor Productivity), and compare two countries in the recent past. State what you think the reasons for differences in labor productivity could be.

To determine

The reasons for differences in the labor productivity are to be determined.

Explanation

After visiting Louis Federal Reserve website, we have taken the data of 2 countries namely, U.s and Japan.

So, as per the early estimate of quarterly ULC indicators: Total labor productivity for the U.S in the year 2014 Q1 it was -0.96979, in the year 2015 Q1 it was 0.39635.

In japan- the early estimate of quarterly ULC indicators: Total labor productivity for japan in the year 2014 Q1 it was 1.81703, in the year 2015 Q1 it was -0.60987. So, comparing the data of U.S and Japan we can see that the labor productivity in U.S in the year 2014 was negative that is -0.96979 whereas in japan it was 1.81703. Which clearly shows that labor is producing good ouput per hour in japan as compared to U.S.

In the year 2015 the labor productivity in U.S was 0.39635 whereas in japan it was -0.60987. Which clearly shows that labor is producing good output per hour in U.S as compared to Japan...

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