By John Mills
Whereas spotting how a lot has been accomplished because the commence of the commercial Revolution, this paintings demanding situations the view that far better effects couldn't were attained. It argues that quicker fiscal progress and masses larger use of the on hand human expertise may have intended, and may suggest the long run, attainable greater objectives. The publication is going directly to argue that the explanations for the functionality of the realm economic system during the last 2 hundred years being good under the plausible optimal stem frequently from misconceptions approximately macroeconomic coverage, which the e-book units out to provide an explanation for and proper.
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Additional info for Managing the World Economy
The objective of this chapter is to set out an explanation for the causes of economic growth, and the processes by which it takes place. If we can understand why some economies grow fast and others slowly, and why some succeed in employing their resources of labour and other factors of production more fully than others, much will be revealed. It then becomes possible to see not only the reasons for past history, but what might be done to alter the course of events in the future. Mills 02 chap 2 25/4/01 9:16 am Page 27 Economic Growth 27 The starting point is to understand the circumstances which allow and encourage economic expansion to take place.
The strong have accepted that it is in their interest, as well as that of everyone else, for their power and control over events to be shared. Their security, life chances and wealth are enhanced – not diminished – by their willingness to merge their interests with those of other people less fortunate than themselves. A similar accommodation needs to be found in the world of economic policy. The major objective of this book is to help to provide some building blocks necessary to enable this to be done.
To get the best out of the labour force, it needs to be fully employed. When there is a shortage of jobs, it may make sense to increase output by using relatively low productivity machinery and more employees. As supplies of labour run short, this no longer becomes a viable option. There is then no alternative to labour-saving equipment. At the level of the enterprise, a full order book at profitable prices is needed, with highly efficient machinery used to capacity to produce goods which the market is hungry to buy, operated by a well trained and motivated labour force, led by able managers.
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