How do “rules of the game” affect productivity and growth? What types of “rules” should a government establish to encourage growth?
Rules of the game” including laws, customs, manners, and other formal/informal institutions greatly affect productivity and growth due to their effect on the political and economic climate of a country. The more stability these “rules” can garner, the higher the rates of productivity and growth, and vice versa. I believe one of the biggest “rules of the game” that affects these markers to be industrial policy.
- Better industrial policy can lead to more technological advancement through applied research which will improve the productivity of workers and therefore the growth of the economy.
- Specific actions that can be taken include subsidization of the applied research industry along with tax cuts for companies that focus on innovation.
- Another “rule” includes investing in education/knowledge enrichment (for the improvement of human capital).
- A further “rule” includes assuring certain standards for quality of life that will ensure populations are happy.
-Improvements in political stability
-establishment and enforcement of property rights,
-the creation of incentives for research and development,
*All of these encourage growth
How do “rules of the game” affect productivity and growth? What types of “rules” should a...
An industrial psychologist is studying how different types of management styles affect productivity for both younger and older employees. The management styles the psychologist compares are: 1. Authoritative, 2. Collaborative decision making 3. Low impact. An equal number of younger and older employees were supervised using one of these three different management styles for a month and their productivity was measured. A total of 120 people participated in this study, assume each cell had an equal n value. Name each...
An industrial psychologist is studying how different types of management styles affect productivity for both younger and older employees. The management styles the psychologist compares are: 1. Authoritative, 2. Collaborative decision making 3. Low impact. An equal number of younger and older employees were supervised using one of these three different management styles for a month and their productivity was measured. A total of 120 people participated in this study, assume each cell had an equal n value. Name each...
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HOMEWORK A2a – Required Chapter ‘Tracking the U.S. Economy’ Q2. Define gross domestic product. Determine whether each of the following would be included in the 2007 U.S. gross domestic product: Profits earned by Ford Motor Company in 2007 on automobile production in Ireland. Automobile parts manufactured in the United States in 2007 but not used until 2008. Social Security benefits paid by the U.S. government in 2007. Ground beef purchased and used by McDonald’s in 2007. Ground beef purchased and...
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