scholarly journals Manufacturing and the Convergence Hypothesis: What the Long-Run Data Show

1993 ◽  
Vol 53 (4) ◽  
pp. 772-795 ◽  
Author(s):  
Stephen N. Broadberry
Keyword(s):  
United States ◽  
Structural Change ◽  
Labor Productivity ◽  
Manufacturing Sector ◽  
The United States ◽  
Industrialized Countries ◽  
Convergence Hypothesis ◽  
Technological Choice ◽  
Long Run ◽  
Productivity Gap

The commonly accepted chronology for comparative productivity levels, based on GDP data, does not apply to the manufacturing sector, which shows evidence of a much greater degree of stationarity of comparative labor productivity performance among the major industrialized countries of Britain, Germany, and the United States. These results for manufacturing suggest that convergence of GDP per worker must have occurred through trends in other sectors and through compositional effects of structural change. The persistent, large labor productivity gap between the United States and Europe cannot be explained simply by differences in capital per worker, but is related to technological choice.

scholarly journals Job Polarization and Structural Change

2018 ◽  
Vol 10 (1) ◽  
pp. 57-89 ◽  
Author(s):  
ZsÓfia L. Bárány ◽  
Christian Siegel
Keyword(s):  
United States ◽  
Structural Change ◽  
Simple Model ◽  
The United States ◽  
Average Wage ◽  
High Wage ◽  
Relative Wages ◽  
The Past ◽  
Long Run ◽  
Job Polarization

We document that job polarization—contrary to the consensus— has started as early as the 1950s in the United States: middle-wage workers have been losing both in terms of employment and average wage growth compared to low- and high-wage workers. Given that polarization is a long-run phenomenon and closely linked to the shift from manufacturing to services, we propose a structural change driven explanation, where we explicitly model the sectoral choice of workers. Our simple model does remarkably well not only in matching the evolution of sectoral employment, but also of relative wages over the past 50 years. (JEL E24, J21, J22, J24, J31)

Analysis of the Effect of Trade Balance on Manufacturing: Evidence from the United States

2020 ◽  
Vol 9 (3) ◽  
pp. 49-56
Author(s):  
Assandé D. Adom ◽  
Keyword(s):  
United States ◽  
Trade Balance ◽  
Manufacturing Industry ◽  
Driving Forces ◽  
Manufacturing Sector ◽  
The United States ◽  
Jel Classification ◽  
Long Run ◽  
The Relationship ◽  
Auto Regression

The relationship between a country’s manufacturing industry and net trade carries a great deal of complexity and proves critical as the economy matures. Moreover, debates in public arenas are oftentimes not helpful in alleviating confusions. This study attempts to empirically explore the nature of this relationship for the United States in particular. Using a set of structural vector auto-regressions, it reveals that the development of the manufacturing sector is inhibited in the long-run by worsening trade balances. However, this relationship does not appear significant. The implication of this finding weakens arguments singling out negative trade balances as driving forces behind the perceived woes of US manufacturing. Keywords: Manufacturing, Trade balance, United States, Cointegration, Vector auto-regression. JEL Classification: F14, F60, C51.

scholarly journals The Productivity Gap between Europe and the United States: Trends and Causes

2008 ◽  
Vol 22 (1) ◽  
pp. 25-44 ◽  
Author(s):  
Bart van Ark ◽  
Mary O'Mahony ◽  
Marcel P Timmer
Keyword(s):  
United States ◽  
Labor Productivity ◽  
Productivity Growth ◽  
The United States ◽  
Information And Communications Technology ◽  
Market Regulation ◽  
Lower Growth ◽  
Labor Productivity Growth ◽  
High Level ◽  
Productivity Gap

Since the mid-1990s, labor productivity growth in Europe has significantly slowed compared to earlier decades. In contrast, labor productivity growth in the United States accelerated, so that a new productivity gap has opened up. This paper shows that this development is attributable to the slower emergence of the knowledge economy in Europe. We consider various explanations which are not mutually exclusive. These include lower growth contributions from investment in information and communication technology; the small share of information and communications technology–producing industries in Europe; and slower multifactor productivity growth, which proxies for advances in technology and innovation. Underlying these are issues related to the functioning of European labor markets and the high level of product market regulation in Europe. The paper emphasizes the key role of market service sectors in accounting for the productivity growth divergence between the two regions. We argue that improved productivity growth in Europe's market services will be needed to avoid a further widening of the productivity gap.

The Impact of Monetary and Fiscal Policies on the Stock Market in the United States (U.S); Evidence from Linear ARDL Framework

2020 ◽  
Vol 11 (1) ◽  
pp. 132-132
Author(s):  
Aref Emamian
Keyword(s):  
United States ◽  
Stock Market ◽  
The United States ◽  
Real Effective Exchange Rate ◽  
Annual Data ◽  
Fiscal Policies ◽  
Long Run ◽  
The Us ◽  
Short Run ◽  
The Impact

This study examines the impact of monetary and fiscal policies on the stock market in the United States (US), were used. By employing the method of Autoregressive Distributed Lags (ARDL) developed by Pesaran et al. (2001). Annual data from the Federal Reserve, World Bank, and International Monetary Fund, from 1986 to 2017 pertaining to the American economy, the results show that both policies play a significant role in the stock market. We find a significant positive effect of real Gross Domestic Product and the interest rate on the US stock market in the long run and significant negative relationship effect of Consumer Price Index (CPI) and broad money on the US stock market both in the short run and long run. On the other hand, this study only could support the significant positive impact of tax revenue and significant negative impact of real effective exchange rate on the US stock market in the short run while in the long run are insignificant. Keywords: ARDL, monetary policy, fiscal policy, stock market, United States

India’s vaccine diplomacy brings money and influence

2021 ◽  
Keyword(s):  
United States ◽  
Foreign Direct Investment ◽  
Direct Investment ◽  
Manufacturing Sector ◽  
The United States ◽  
Active Pharmaceutical Ingredients ◽  
Content Type ◽  
Pharmaceutical Ingredients ◽  
The World

Significance Last week, its partners in the ‘Quad’ grouping -- the United States, Japan and Australia -- agreed to help increase its vaccine manufacturing and exporting capacity. Each of the Quad members is wary of China, which like India is gifting and selling coronavirus jabs around the world. Impacts India’s manufacturing sector will attract more foreign direct investment. Greater cooperation over supply chains will help strengthen India-Australia ties. Indian pharma will in the long term aim to ease dependence on imports of active pharmaceutical ingredients from China.

The U.S. Health Delivery System: Inefficient and Unfair to Children

1997 ◽  
Vol 23 (2-3) ◽  
pp. 319-337
Author(s):  
Loretta M. Kopelman ◽  
Michael G. Palumbo
Keyword(s):  
United States ◽  
Health Care ◽  
Universal Access ◽  
The United States ◽  
Industrialized Countries ◽  
Health Care Resources ◽  
Health Delivery ◽  
Hip Replacements ◽  
The Many ◽  
Older Citizens

What proportion of health care resources should go to programs likely to benefit older citizens, such as treatments for Alzheimer’s disease and hip replacements, and what share should be given to programs likely to benefit the young, such as prenatal and neonatal care? What portion should go to rare but severe diseases that plague the few, or to common, easily correctable illnesses that afflict the many? What percentage of funds should go to research, rehabilitation or to intensive care? Many nations have made such hard choices about how to use their limited funds for health care by explicitly setting priorities based on their social commitments. In the United States, however, allocation of health care resources has largely been left to personal choice and market forces. Although the United States spends around 14% of its gross national product (GNP) on health care, the United States and South Africa are the only two industrialized countries that fail to provide citizens with universal access.

The Comparative Politics of Environmental Justice

2021 ◽  
Author(s):  
Kemi Fuentes-George
Keyword(s):  
United States ◽  
Social Justice ◽  
Environmental Justice ◽  
Comparative Politics ◽  
Agricultural Development ◽  
Close Association ◽  
The United States ◽  
Industrialized Countries ◽  
Environmental Injustice ◽  
Environmental Advocacy

Although the terms “environmental justice” and “environmental racism” emerged due to race-based mobilization in the United States, justice is a constant feature of environmental struggles around the world. Pursuing social justice in environmental advocacy can be difficult, but case studies of activism in places including New Zealand, Mexico, Jamaica, Brazil, and the United States show that it is possible. Environmental injustice emerges when populations that are already politically and socioeconomically marginalized disproportionately bear the costs of environmental consumption, and they are often systematically excluded from the benefits of this consumption. Although different political systems vary in how they structure marginalization, this close association of social injustice with environmental injustice characterizes cases like fossil fuel extraction in industrialized countries and agricultural development in the Global South alike. While skeptics have argued that promoting environmentalism is counterproductive to social justice, because environmental regulations often constrain economic growth, combining the two can lead to more sustainable environmental practices.

Motivational Accounts of the Vicious Cycle of Social Status: An Integrative Framework Using the United States as a Case Study

2018 ◽  
Vol 14 (2) ◽  
pp. 107-137 ◽  
Author(s):  
Kristin Laurin ◽  
Holly R. Engstrom ◽  
Adam Alic
Keyword(s):  
United States ◽  
Social Mobility ◽  
The United States ◽  
Value Theory ◽  
Industrialized Countries ◽  
Vicious Cycle ◽  
Expectancy Value ◽  
Integrative Framework ◽  
Lower Socioeconomic ◽  
Classic Theory

Social mobility is limited in most industrialized countries, and especially in the United States: Children born to relatively poor parents are less likely to prosper than other children. This observation has multiple explanations; in the current article, we focus on emerging motivational perspectives, synthesizing them into a novel integrative framework grounded in a classic theory of motivation: expectancy-value theory. Together, these findings indicate that individuals with lower socioeconomic status (SES) may be less motivated to achieve status relative to individuals with higher SES—not because of their own personal failings, but as a result of their material, social and cultural contexts. We then consider the significant theoretical advantages of this integrative framework, most notably that it enables us to consider how the disparate perspectives linking motivation to SES are linked and may at times compound or offset each other. In turn, this enables us to make sophisticated predictions concerning the conditions that will enable individuals with low SES to escape the vicious cycle of low motivation. Moreover, our account helps bridge the gap between explanations that locate the cause for low social mobility within individuals and those that locate it in the broader system. We end by addressing implications for the psychological understanding of low status and implications for social policy.

scholarly journals The world market for soybeans: price transmission into Brazil and effects from the timing of crop and trade

Nova Economia ◽  
2007 ◽  
Vol 17 (2) ◽  
pp. 241-270 ◽  
Author(s):  
Mario A. Margarido ◽  
Frederico A. Turolla ◽  
Carlos R. F. Bueno
Keyword(s):  
United States ◽  
Forecast Error ◽  
The United States ◽  
World Market ◽  
Price Transmission ◽  
Long Run ◽  
Cointegration Tests ◽  
The World ◽  
The Law ◽  
The One

This paper investigates the price transmission in the world market for soybeans using time series econometrics models. The theoretical model developed by Mundlack and Larson (1992) is based on the Law of the One Price, which assumes price equalization across all local markets in the long run and allows for deviations in the short run. The international market was characterized by three relevant soybean prices: Rotterdam Port, Argentina and the United States. The paper estimates the elasticity of transmission of these prices into soybean prices in Brazil. There were carried causality and cointegration tests in order to identify whether there is significant long-term relationship among these variables. There was also calculated the impulse-response function and forecast error variance decomposition to analyze the transmission of variations in the international prices over Brazilian prices. An exogeneity test was also carried out so as to check whether the variables respond to short term deviations from equilibrium values. Results validated the Law of the One Price in the long run. In line with many studies, this paper showed that Brazil and Argentina can be seen as price takers as long as the speed of their adjustment to shocks is faster than in the United States, the latter being a price maker.

Sign in / Sign up

Export Citation Format

Share Document