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UK & Us Future Unique Technology Competitive

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UK & Us Future Unique Technology Competitive

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High level education and high birth rate population raising technology According to John G. (2016) indicated that " a point forecast is that GDP per capita will rise well under 1% per year in the longer run, with overall GDP growth of a little over 1 to 12%. The main drivers of slow growth are educational attainment and demographics. First, rising educational attainment will add less to productivity growth than it did historically. Second because of the aging and retirement of baby boomers, employment will rise more slowly than population which in turn, is projected to rise slowly relative to history." Thus, it seems that some economists believe education and born rate will influence future US employment method. They assume that the employment and growth ratio will rise and unemployment ratio will deadline of US will increase birth ratio and future there are many young people ( students) can have chance to accept high education degree to raise whose education level to prepare to enter different kinds of high educational jobs market to work in the future.Considering a more growth accounting perceptive on productivity growth. According to the analysis in Fernald (2015) which uses a multi-sector growth model for the projections. It indicated that although, the details differ and if bases projections on TFP data since 2004, it also implies a preferred point estimate of 1.6% per year in US over this short period. The " fundamentals" of labor-productivity growth (namely, growth in total factor productivity, TFP) have exceeded the actual realization for reasons that reflect the unwinding of dynamic of labor quality and capital depending associated with the great recession. Thus, how to raise labor quality which concerns how to raise educational level to young people in any country will be one labor economic challenge in US in the future. Fernald (2015) also explained " the shortfall" in productivity growth relative to fundamentals reflects, at least in part, the unwinding of two dynamics associated with the great recession. He indicated that first, at the end of the great recession business had a lot of capital relative to labor, which has attended the need of add capacity to meet demand in recent years. In contrast to the outsized growth in capital deepening from 2007 to 2010 year, we have seen capital "shallowing" since 2010 year. Second, businesses fired low-skilled workers during the recession, which raised labor quality in 2007 year to 2010 year period. As these potential workers have been rehired, the growth rate of labor quality has added less. Thus, on the one hand, when one country encounters economic recession, many employers will like to employ high educational level and high skilled labor to raise productivity. If US encountered economic recession, but it had none (lacked) enough high educational level and high skilled knowledgeable workers to be supplied to the labor market in US. Then, US will encounter long term economic recession period, it can't shorten economic recession period. Thus, US will need to let many US young people have effort to study to prepare enough high educational level knowledge to do different kinds of professional or high knowledgeable or high technological jobs in future US labor market.
Release date Australia
January 27th, 2019
Author
Audience
  • General (US: Trade)
Imprint
Independently Published
Pages
128
Publisher
Independently Published
Dimensions
216x279x7
ISBN-13
9781795252676
Product ID
29910682

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