Analyse trends in Total Factor Productivity in the last 50 years (a plot would help). Is low productivity-growth during recessions actually a technological phenomenon?

 

The attached file “EMBA 11_Macro group PW” has the Questions and a set of data coveing the years 1948 – 2001. Please Answer the assignment in a Q&A format showing your calculation work in details.

In Q3 Plot a graph from the data given and don’t download a graph.

The main Source for this Module (MacroEconomics) is:

Miles, D., Scott, A. and Breedon, F. (2012) Macroeconomics: understanding the global economy, 3rd rev ed., Wiley:-

EMBA 11

Macroeconomics Core Elective

Group practical work assignment

In the next page you can find measures of productivity for the private business sector in the

U.S., calculated and reported by the Bureau of Labour Statistics (see www.bls.gov). Using this

data:

  1. Find out share of labour in output (i.e. Sl). What is the long-term trend in this variable?
  2. Often, output per person is taken as a measure of productivity. Compare the two

measures (express both in annual growth rates). Which one is higher – on average?

Why? Discuss: are the two measures similar?

  1. Analyse trends in Total Factor Productivity in the last 50 years (a plot would help). Is low

productivity-growth during recessions actually a technological phenomenon?

The word limit for this assignment is 1,500 words

Deadline:

 

2001

Indexes 1996=100

Output Combined

per Output Multi- units of

hour per factor Capital capital Capital

of all unit of Product- Labor Serv- and per hour of

Year persons capital ivity Output Input ices labor all persons

1948 31.1 108.5 51.6 18.6 51.1 17.2 36.1 28.6

1949 32.2 105.5 52.2 18.6 49.4 17.6 35.6 30.5

1950 35.0 111.7 56.0 20.5 50.3 18.3 36.5 31.3

1955 40.9 115.5 62.0 24.9 53.7 21.6 40.2 35.4

1960 45.6 112.0 65.5 27.5 54.0 24.6 42.1 40.7

1965 55.9 123.3 76.6 35.6 58.0 28.9 46.5 45.3

1966 58.2 124.7 78.9 38.1 59.5 30.5 48.2 46.6

1967 59.5 119.9 79.0 38.8 59.4 32.3 49.1 49.6

1968 61.4 120.8 81.1 40.7 60.3 33.7 50.3 50.8

1969 61.7 118.4 80.6 42.0 62.1 35.5 52.1 52.1

1970 63.0 113.1 80.5 42.0 61.0 37.1 52.2 55.7

1971 65.8 112.8 83.0 43.6 60.5 38.7 52.5 58.4

1972 68.0 115.4 85.5 46.5 62.6 40.3 54.5 58.9

1973 70.1 116.9 87.8 49.8 64.8 42.6 56.8 60.0

1974 69.0 109.2 84.6 49.0 65.2 44.9 57.9 63.2

1975 71.4 104.1 85.4 48.5 62.4 46.6 56.8 68.6

1976 74.1 107.8 88.6 51.9 64.2 48.1 58.5 68.7

1977 75.2 109.7 90.0 54.8 66.8 50.0 60.9 68.6

1978 76.1 111.6 91.2 58.2 70.2 52.2 63.9 68.1

1979 76.0 109.8 90.8 60.2 72.4 54.8 66.2 69.2

1980 75.8 103.3 88.8 59.4 71.9 57.6 67.0 73.4

1981 77.3 101.0 88.9 61.0 73.0 60.5 68.7 76.5

1982 77.2 94.2 86.2 59.3 71.7 63.0 68.8 81.9

1983 79.9 96.2 88.6 62.5 73.4 65.0 70.5 83.0

1984 82.2 100.0 91.5 68.1 77.7 68.1 74.4 82.2

1985 83.9 99.5 92.4 71.0 79.6 71.3 76.8 84.3

1986 86.5 99.0 93.9 73.6 80.4 74.4 78.4 87.4

1987 87.0 99.2 94.2 76.3 83.1 76.9 81.0 87.7

1988 88.1 100.4 94.8 79.6 86.3 79.2 83.9 87.7

1989 89.0 101.0 95.3 82.4 88.8 81.6 86.4 88.1

1990 90.2 99.7 95.5 83.6 89.4 83.8 87.5 90.4

1991 91.3 96.5 94.5 82.6 88.3 85.7 87.4 94.6

1992 94.8 98.0 96.7 85.7 89.3 87.5 88.7 96.8

1993 95.4 98.7 97.1 88.5 91.8 89.7 91.1 96.6

1994 96.6 100.4 98.2 92.8 95.6 92.5 94.6 96.2

1995 97.3 99.8 98.4 95.8 98.0 96.0 97.3 97.5

1996 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

1997 102.2 100.3 101.2 105.2 103.5 104.9 104.0 101.9

1998 105.0 99.3 102.5 110.5 106.1 111.3 107.9 105.8

1999 107.7 98.2 103.4 115.7 109.0 117.9 111.9 109.7

2000 111.0 96.6 105.0 120.4 110.1 124.5 114.7 114.8

2001 112.4 92.8 103.9 120.2 109.5 129.6 115.7 121.1

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