Applied Economics by Alan Griffiths, Stuart Wall PDF
By Alan Griffiths, Stuart Wall
Utilized Economics is perfect for undergraduates learning economics, company reports, administration and the social sciences. it's also appropriate for these learning expert classes, HND and 'A' point courses."Applied Economics" communicates the power and relevance of the topic to scholars, bringing economics to existence. Containing updated info on financial concerns and occasions, the ebook is helping scholars follow financial ideas to the 'real global' and offers them an perception into the problems of formulating and enforcing fiscal coverage.
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Extra info for Applied Economics
6% more in volume terms than it had been in 1973. Key points ■ Whereas the secondary sector contributed some 41% of GDP in 1964, by 2001 this had fallen to 25%. ■ Manufacturing (within the secondary sector) saw its share of GDP fall from around 30% in 1964 to just under 18% by 2001. ■ Nearly 6 million jobs have been lost from the secondary sector since 1964, around 5 million having been lost from manufacturing. ■ The service (tertiary) sector has provided almost 9 million extra jobs since 1964, and has managed to match the loss of manufacturing employment.
Singh also states that this is subject to the restriction that ‘an efficient manufacturing sector must be able to achieve these objectives at socially acceptable levels of output, employment and exchange rate’. A country such as the UK would then be ‘deindustrialized’ if its manufacturing sector did not meet these criteria, leaving an economic structure inappropriate to the needs of the country. It can be argued that this is indeed the position in the UK. The current account can only be kept in balance by surpluses in the oil and service sectors and by earnings from overseas assets.
Manufacturing (within the secondary sector) saw its share of GDP fall from around 30% in 1964 to just under 18% by 2001. ■ Nearly 6 million jobs have been lost from the secondary sector since 1964, around 5 million having been lost from manufacturing. ■ The service (tertiary) sector has provided almost 9 million extra jobs since 1964, and has managed to match the loss of manufacturing employment. ■ Not all advanced industrialized countries have seen a decline in industrial employment. ■ Suggested causes of ‘deindustrialization’ have included maturity of the economy, low-wage competition, North Sea oil, ‘crowding out’ and low productivity.
Applied Economics by Alan Griffiths, Stuart Wall