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Lecture 37

ECON 1020 Lecture 37: Lecture 37

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ECON 1020
Ryan A.Compton

Oc78 Hours of labour input depend on the size of the employed labour force and the length of the average workweek Labourforce size depends on the size of the workingage population and the labour force participation rate Labour force participation rate: the percentage of the working age population (age 1565) that is actually in the labour force People in school full time, jail, under 15 years old, etc are not in the working labour force Labour productivity: The average product of labour (output per worker per hour) Labour inputs + labour productivity = Real GDP Labour inputs (hours of work): depends on size of employed labour force and the average hours of work Labour productivity (average output per hour): depends on technological advance, quantity of capital, education and training, allocative efficiency, etc Accounting for Growth in Canada: Output growth in Canada has been considerably greater in the last half century than can be attributed solely to increases in the inputs of labour and capital Two other factors are involved: Interindustry shifts from lower to higher productivity occupations Ex: from farming to urban industry Using our same resources, just in higher productivity situations Multifactor productivity (MFP) growth the efficiency with which actors are used together in the production process MFP growth = output growth input growth Reasons for Growth: Inputs Versus Productivity: 23 of Canadas growth rate in the last half century has been due to the use of more inputs (quantity of labour and quantity of labour) and 13 to rising productivity getting more output per unit of labour and capital input Productivity growth: the percentage change in productivity from one period to another
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