Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN: 9781305506725
Author: James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher: Cengage Learning
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Chapter 26, Problem 12CQ
To determine
Argument for slowing down the growth of technology.
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Show how a fall in the matching efficiency technology can effect output, wages, the unemployment and vacancy rates. How could economists differentiate this from a fall in labor productivity if they could view the four above pieces of data over many years? [In other words, how would these two events produce different patterns in the data?]
Why don’t wages measure the full return to labor? Why is human capital the most important factor of production in a modern economy?
Does technological innovation create unemployment?
Chapter 26 Solutions
Economics: Private and Public Choice (MindTap Course List)
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- According to an article by the Wall Street Journal, the U.S. is at risk of running out of occupational therapists, railroad engineers, mathematicians, machinists and other workers. As a result, In the next 10 to 15 years, we expect U.S. employers to demand more labour than will be available, which will, in turn, constrain overall economic growth. On the top of that, U.S. president Donald J. Trump has put executive orders to ban nationals of selected countries from entering the U.S. Meanwhile, the top economic analysts and leaders believe that the country is going to strengthen and tighten its immigration polices to a much greater extent in the coming days. a) Referring to the above extract, briefly state in a line what do you think will happen to the U.S. labour market. b) With the help of appropriate diagrams, graphically show and briefly comment on what will happen to the U.S. real wage rate, labour hours and real GDP, due to the changes in the U.S. labour market that you stated in…arrow_forwardThomas Malthus presented a dismal forecast for man-kind, largely due to the effects of population growth. Show that immigration, like population growth, tends to create unemployment in the short run and reduce the standard of living of workers in the long run, even though it does enhance the economy’s ability to produce. (Use diagram and analysis)arrow_forwardDiscuss methods to overcome unemployment in Indiaarrow_forward
- What is the 4th industrial revolution? As a fresh graduate, why is it important to know what it is? How will it affect you as a future employee? (Please elaborately explain this)arrow_forwardThe United States GDP has been increasing over the decades but the share for workers of the GDP has decreased. Who is getting the bigger slice of the pie every year if it is not the workers? Is this a bad thing? Is this due to technology replacing workers?arrow_forwardVirtually all economists and policymakers agree that, within limits, higher employment is better. If this is true, couldn't the government create more employment by hiring people to dig holes and fill them in again? Is this good economic policy?arrow_forward
- Match the letter from A to D to the (text) that apply ( ) people who are out of work for relatively long periods of time (due to technological or economic displacement or lack of skills) ( ) people who are out of work only during certain times of the year ( ) people who are out of work due to a downturn in the business cycle ( ) people who are between jobs or just entering the labor market A.Frictional Unemployment B.Structural Unemployment C.Cyclical Unemployment D.Seasonal Unemploymentarrow_forward"We believe that if men have the talent to invent new machines that put men out of work, they have the talent to put those men back to work which type of unemployment was president John F. Kennedy referring toarrow_forwardDemographers have been surprised that total fertility rates have fallen below 2.0, especially because most people in most countries tell pollsters that they would like to have at least two children. Can you think of any possible economic factors that may be causing women in so many countries to average fewer than two children per lifetime? What about other social or political changes?arrow_forward
- Today’s business world is dynamic, being characterized by the following economic changes that affect decision making except * changes in tastes and preferences of buyers. migration of people. technological progress. making profit.arrow_forward“In 2030, every organization will be a technology organization and as such businesses need to start thinking today about how to future proof their infrastructure and workforce”, according to a report published by Dell Technologies. Discuss how this may influence performance of countries to deal with unemployment.arrow_forwardWhy doesn't technological advancement create unemploymentarrow_forward
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