International Differences in Manufacturing Unit Labour Costs

1995 ◽  
Vol 154 ◽  
pp. 85-110 ◽  
Author(s):  
Mary O'Mahony
Keyword(s):  
Productivity Growth ◽  
The United States ◽  
Minor Role ◽  
Nominal Wage ◽  
Market Exchange ◽  
National Accounts ◽  
Competitive Position ◽  
Labour Costs ◽  
Unit Labour Costs ◽  
Time Changes

This article presents measures o f competitiveness in manufacturing comparing Britain to Germany, France and the United States. Data from the National Accounts and the Census of Production are combined to derive new estimates of relative unit labour costs for a number of manufacturing industries. The results show that British manufacturing had a competitive advantage over Germany and France in 1993. This arose primarily from the devaluation of Sterling and followed a period, from 1989 to 1992, when unit labour costs in British manufacturing were generally close to those in Germany and France. Unit labour costs in American manufacturing, however, were considerably lower than in the European countries in 1993. The results by industry show that Britain performs relatively poorly in much of the engineering sector while being relatively more competitive in consumer goods industries. Over time changes in the market exchange rates and nominal wage inflation have large impacts on the relative competitive position of total manufacturing in the four countries whereas productivity growth plays a minor role. However, at the industry level productivity growth is important. In the face of similar movements in relative nominal wages across industries, differences in productivity performance distinguish those British industries which gained ground over their rivals abroad from those whose competitive position worsened.

The UK Economy

1994 ◽  
Vol 150 ◽  
pp. 10-28
Author(s):  
Carry Young
Keyword(s):  
Growth Rate ◽  
Productivity Growth ◽  
Price Inflation ◽  
Capital Costs ◽  
Exchange Rate Mechanism ◽  
Labour Costs ◽  
Unit Labour Costs ◽  
Retail Prices ◽  
The Uk ◽  
Rate Mechanism

Price inflation in the UK economy has remained below the expectations of most commentators since sterling left the exchange-rate mechanism in September 1992. Latest estimates of inflation indicate that retail prices are now growing at an annual underlying rate of 2 per cent; the lowest growth rate for 27 years. This impressive performance is being sustained by very low growth in labour and capital costs, unit labour costs are estimated to have fallen by 1/2 per cent in the last year, as fast productivity growth has been combined with low growth in earnings.

scholarly journals The Shifting Structure of the Maltese Economy: Evidence from Chain-Linked Data

2021 ◽  
Vol 12 (4) ◽  
pp. 97
Author(s):  
Jude Darmanin ◽  
Roberta Montebello ◽  
Warren Deguara
Keyword(s):  
Euro Area ◽  
Linked Data ◽  
Turn Of The Century ◽  
Significant Shift ◽  
National Accounts ◽  
Services Sector ◽  
Labour Costs ◽  
Sectoral Productivity ◽  
Unit Labour Costs ◽  
Recreational Services

The economy of the Maltese islands has undergone significant structural change and diversification since the turn of the century. The aim of this study is to provide an overview of sectoral developments in output, employment, unit labour costs, and prices in Malta during the two decades to 2020. Analysis is conducted using the newly-available chain-linked sectoral national accounts data, which is a departure from previous studies. Furthermore, we complement our findings with a comparative analysis of structural developments in Malta and in the euro area. The results show that the Maltese economy underwent a significant shift towards the services sector between 2000 and 2020. Sectors such as finance & insurance, information & communication, professional, scientific & technical activities, administrative & support services, and arts, entertainment & recreational services saw large increases in their shares of both output and employment. On the other hand, more traditional sectors such as manufacturing, construction, and food & accommodation services saw a decline in their relative importance.  An analysis of productivity and cost developments also suggests that services sectors were generally the most productive during the period under study, while recording the highest levels of compensation per employee and the lowest unit labour costs. Nonetheless, sectoral productivity levels in Malta generally remain below those observed in the euro area. Output prices rose significantly in Malta between 2000 and 2020, generally reflecting the higher pace of economic growth when compared with the euro area.   Received: 2 May 2021 / Accepted: 15 June 2021 / Published: 8 July 2021

scholarly journals Productivity Growth in the Florida Fresh Winter Vegetable Industry

1984 ◽  
Vol 16 (2) ◽  
pp. 55-62 ◽  
Author(s):  
Timothy G. Taylor ◽  
Gary H. Wilkowske
Keyword(s):  
United States ◽  
Total Factor Productivity ◽  
Productivity Growth ◽  
Growth Rates ◽  
Prime Factor ◽  
The United States ◽  
Vegetable Crops ◽  
Factor Productivity ◽  
Competitive Position ◽  
Production Areas

AbstractResults indicate that productivity growth has been a prime factor in Florida's ability to retain a competitive position in the United States domestic fresh winter vegetable market. Total factor productivity indexes and productivity growth rates are estimated for the production of four major vegetable crops in one or more of four production areas in Florida. Florida producers have exhibited substantial productivity growth over the 1969-70 to 1981-82 period.

scholarly journals Deflation und Arbeitsmarkt in Japan

2004 ◽  
Vol 34 (134) ◽  
pp. 85-104
Author(s):  
Cornelia Kaiser
Keyword(s):  
Monetary Policy ◽  
Stock Market ◽  
Nominal Wage ◽  
Credit Crunch ◽  
Labour Costs ◽  
Unit Labour Costs

Since the mid 1990s, Japan suffers from a deflationary constellation. The deflation was triggered off by the crash of the stock market in Japan at the end 1980s, and the following credit crunch as banks in Japan stopped to issue credits. The final and most important factor for explaining the deflation is the collapse of the nominal wage anchor. Wages in Japan rose extremely below the increases of productivity. The resulting decrease in unit-labour costs stimulated deflation. Japan also shows how weak monetary policy becomes in a situation of deflation.

scholarly journals The Danger of Analogical Myths: Explaining the Power and Consequences of the Sykes-Picot Delusion

AJIL Unbound ◽  
2016 ◽  
Vol 110 ◽  
pp. 132-136 ◽  
Author(s):  
Toby Dodge
Keyword(s):  
United States ◽  
Middle East ◽  
The United States ◽  
Historical Background ◽  
Minor Role ◽  
Historical Significance ◽  
Historical Analogy ◽  
History Of ◽  
Political Units ◽  
Postcolonial States

Even before its hundredth year anniversary on 16 May 2016, the Sykes-Picot agreement had become a widely cited historical analogy both in the region itself and in Europe and the United States. In the Middle East, it is frequently deployed as an infamous example of European imperial betrayal and Western attempts more generally to keep the region divided, in conflict, and easy to dominate. In Europe and the United States, however, its role as a historical analogy is more complex—a shorthand for understanding the Middle East as irrevocably divided into mutually hostile sects and clans, destined to be mired in conflict until another external intervention imposes a new, more authentic, set of political units on the region to replace the postcolonial states left in the wake of WWI. What is notable about both these uses of the Sykes-Picot agreement is that they fundamentally misread, and thus overstate, its historical significance. The agreement reached by the British diplomat Mark Sykes and his French counterpart, François Georges-Picot, in May 1916, quickly became irrelevant as the realities on the ground in the Middle East, U.S. intervention into the war, a resurgent Turkey and the comparative weakness of the French and British states transformed international relations at the end of the First World War. Against this historical background, explaining the contemporary power of the narrative surrounding the use of the Sykes-Picot agreement becomes more intellectually interesting than its minor role in the history of European imperial interventions in the Middle East.

Competitive position of the expanded Panama Canal in the shipment of liquefied natural gas

2018 ◽  
Vol 233 (4) ◽  
pp. 1154-1176 ◽  
Author(s):  
Luis Carral ◽  
Javier Tarrío-Saavedra ◽  
Diego Crespo-Pereira ◽  
Marina Fernández-Campoamor ◽  
Rodolfo Sabonge
Keyword(s):  
Natural Gas ◽  
Gulf Of Mexico ◽  
Gas Injection ◽  
The United States ◽  
Liquefied Natural Gas ◽  
Panama Canal ◽  
Order Book ◽  
Propulsion Systems ◽  
Competitive Position ◽  
Alternative Routes

The appearance of new gas extraction technologies has led to surplus production in the United States (Gulf of Mexico). At the same time, energy consumption in Asia has increased significantly and Japan has introduced important changes to its post-Fukushima energy policies. Taken together, these factors have resulted in an imbalance in production and consumption between the Atlantic and Pacific Maritime Areas. Over the same period of time, the Panama Canal expansion opened, permitting transit by liquefied natural gas vessels for the first time. These developments are reflected in the current order book for liquefied natural gas carriers, which is composed entirely of ships in the new Neopanamax category. The canal transit fees and new propulsion systems for these ships—dual fuel diesel electric and electronically controlled gas injection—significantly impact the price of cargo at the destination. This study conducts a sensitivity analysis of the variables for transportation costs in order to determine the expanded Canal’s competitive position. In addition, the study uses a Monte Carlo simulation to obtain the most representative values for total cost based on factors such as the type of propulsion and fuel as well as the distance traveled. The analysis clearly demonstrates the competitiveness of exporting liquefied natural gas via the Panama Canal from terminals in the Gulf of Mexico and the Caribbean to consumers in Asia, as well as the competitiveness of the canal itself versus alternative routes. With respect to propulsion systems, the study demonstrates the greater competitive advantage of electronically controlled gas injection propulsion.

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