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Not only has U.S. productivity been poor by international standards but it is highly heterogeneous at the disaggregated industry level. Manufacturing has continued to do well while nonmanufacturing has done poorly, especially the services. Within services, apparel retailing has done well while food retailing has done badly; railroad productivity has accelerated while airline productivity has decelerated. This dispersion of performance argues against a single over-arching explanation of the slowdown. The recent shift to chain- weighted productivity measures substantially increases the magnitude of the U.S productivity slowdown and shifts it later in time. Performance in the 1970s is better than previously thought, while performance in the 1990s has been substantially worse. In addition, productivity performance in each decade has been understated due to an upward bias in the Consumer Price Index This 'CPI bias' has led to an uneven understatement of productivity change, with major errors in manufacturing, trade, and some services. The paper emphasizes two substantive causes of the productivity slowdown that go beyond measurement errors. First, some industries (e.g. electric utilities and airlines) reached a technological frontier in which the sources of earlier rapid productivity growth were exhausted. Second, slow productivity growth in food retailing and some service industries reflects a feedback from the weak bargaining position of U.S. labor. Weak unions, a falling real minimum wage, and immigration have combined to keep real wages in U.S. service industries relatively low, and this encourages overhiring by the standards of some other industrial nations.
Presents the proceedings of two workshops on productivity measurement and analysis, which brought together representatives of statistical offices, central banks and other officials involved with the analysis and measurement of productivity at aggregate and industry levels.
Manufacturing-led development has provided the traditional model for creating jobs and prosperity. But in the past three decades the conventional pattern of structural transformation has changed, with the services sector growing faster than the manufacturing sector. This raises critical questions about the ability of developing economies to close productivity gaps with advanced economies and to create good jobs for more people. At Your Service? The Promise of Services-Led Development (www.worldbank.org/services-led-development) assesses the scope of a services-driven development model and policy directions that can maximize the model’s potential.
Is the fall in overall productivity growth in the United States and other developed countries related to the rising share of the service sectors in the economy? Since services represent well over half of the U.S. gross national product, it is also important to ask whether these sectors have had a slow rate of growth, as this would act as a major drag on the productivity growth of the overall economy and on its competitive performance. In this timely volume, leading experts from government and academia argue that faulty statistics have prevented a clear understanding of these issues.
Higher education is a linchpin of the American economy and society: teaching and research at colleges and universities contribute significantly to the nation's economic activity, both directly and through their impact on future growth; federal and state governments support teaching and research with billions of taxpayers' dollars; and individuals, communities, and the nation gain from the learning and innovation that occur in higher education. In the current environment of increasing tuition and shrinking public funds, a sense of urgency has emerged to better track the performance of colleges and universities in the hope that their costs can be contained without compromising quality or accessibility. Improving Measurement of Productivity in Higher Education presents an analytically well-defined concept of productivity in higher education and recommends empirically valid and operationally practical guidelines for measuring it. In addition to its obvious policy and research value, improved measures of productivity may generate insights that potentially lead to enhanced departmental, institutional, or system educational processes. Improving Measurement of Productivity in Higher Education constructs valid productivity measures to supplement the body of information used to guide resource allocation decisions at the system, state, and national levels and to assist policymakers who must assess investments in higher education against other compelling demands on scarce resources. By portraying the productive process in detail, this report will allow stakeholders to better understand the complexities of-and potential approaches to-measuring institution, system and national-level performance in higher education.
The COVID-19 pandemic struck the global economy after a decade that featured a broad-based slowdown in productivity growth. Global Productivity: Trends, Drivers, and Policies presents the first comprehensive analysis of the evolution and drivers of productivity growth, examines the effects of COVID-19 on productivity, and discusses a wide range of policies needed to rekindle productivity growth. The book also provides a far-reaching data set of multiple measures of productivity for up to 164 advanced economies and emerging market and developing economies, and it introduces a new sectoral database of productivity. The World Bank has created an extraordinary book on productivity, covering a large group of countries and using a wide variety of data sources. There is an emphasis on emerging and developing economies, whereas the prior literature has concentrated on developed economies. The book seeks to understand growth patterns and quantify the role of (among other things) the reallocation of factors, technological change, and the impact of natural disasters, including the COVID-19 pandemic. This book is must-reading for specialists in emerging economies but also provides deep insights for anyone interested in economic growth and productivity. Martin Neil Baily Senior Fellow, The Brookings Institution Former Chair, U.S. President’s Council of Economic Advisers This is an important book at a critical time. As the book notes, global productivity growth had already been slowing prior to the COVID-19 pandemic and collapses with the pandemic. If we want an effective recovery, we have to understand what was driving these long-run trends. The book presents a novel global approach to examining the levels, growth rates, and drivers of productivity growth. For anyone wanting to understand or influence productivity growth, this is an essential read. Nicholas Bloom William D. Eberle Professor of Economics, Stanford University The COVID-19 pandemic hit a global economy that was already struggling with an adverse pre-existing condition—slow productivity growth. This extraordinarily valuable and timely book brings considerable new evidence that shows the broad-based, long-standing nature of the slowdown. It is comprehensive, with an exceptional focus on emerging market and developing economies. Importantly, it shows how severe disasters (of which COVID-19 is just the latest) typically harm productivity. There are no silver bullets, but the book suggests sensible strategies to improve growth prospects. John Fernald Schroders Chaired Professor of European Competitiveness and Reform and Professor of Economics, INSEAD
Beginning by dispelling some of the myths about services, this provocative volume examines the growth in services, the way technology has shaped this growth, and the consequences for the American economy. Chapters discuss such topics as the effects of technology on employment patterns and wages, international trade in services, and the relationship between services and the traditional manufacturing industries.
This groundbreaking Encyclopedia is the very first fully-refereed A-Z compendium of the main principles, concepts, problems, institutions, schools and policies associated with political economy. Based on developments in political economy since the 1960s, it is designed to provide a comprehensive introduction to the field as well as being an authoritative reference work. Undergraduates taking courses in political economy or graduate students coming to the field for the first time will rely on this work as a key point of reference and for direction in their further reading. This lucid work compares for the first time the disparate theories of political economy (e.g, Marxist, Feminist, Sraffian etc.) and emphasizes the application of their principles to real world problems such as inflation, unemployment, development and financial instability. The extensive international team of consultants and contributors has produced a monumental work with truly global perspective.
Topics covered include productivity concepts and trends, government fiscal balances and environmental sustainability, social determination of productivity, demographics, human capital and social diversity, social policy, inequality and productivity.
These essays discuss the service sector and causes, problems and prospects of replacing the manufacturing business.