By YiLi Chien, Senior Economist

There are three main factors that drive economic growth:

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• Accumulation of capital stock
• Increases in labor inputs, such as workers or hours worked
• Technological advancement

Growth accounting measures the contribution of each of these three factors to the economy. Thus, a country’s growth can be broken down by accounting for what percentage of economic growth comes from capital, labor and technology.

It has been shown, both theoretically and empirically, that technological progress is the main driver of long-run growth. The explanation is actually quite straightforward. Holding other input factors constant, the additional output obtained when adding one extra unit input of capital or labor will eventually decline, according to the law of diminishing returns. As a result, a country cannot maintain its long-run growth by simply accumulating more capital or labor. Therefore, the driver of long-run growth has to be technological progress.

The interns share their thoughts on community leadership, the role of different organizations in community development, and helping others learn more about available community resources. Carlos Nelson, Executive Director of GADC (Greater Auburn-Gresham Development Corporation), shares his perspective on community development with MAPSCorps Interns. Note: The Planning and Development Services video above was published in 2017. The Planning and Development Services Department (PDS) offers a variety of services for our community. From community engagement through the development review process, PDS is dedicated to providing excellent service.

This post further investigates the relationship between sources of past economic growth and future performances, especially the periods after the Great Recession, among developed countries. We collected data from the Conference Board’s Total Economy Database for nine major advanced economies¹ from 1990 to 2013 and performed the following growth accounting exercise:

For each country, per capita output growth is first broken down into the respective contributions from capital stock, labor inputs and technological advancements (represented by total factor productivity, or TFP).² Next, we divide our sample into two periods: before and after the financial crisis. This allows us to check if drivers of growth relate to the economic performance of a country, especially during or after the recession. Finally, we plot average gross domestic product (GDP) growth after the financial crisis against the average contribution to output growth of labor, capital and TFP before 2007, as shown in the figures below.

The result shows a positive correlation between past TFP and future growth among developed economies. The correlation coefficient was close to 0.60. Namely, those countries whose growth was driven by TFP before the crisis tended to have higher output growth afterward. However, the relationships between GDP growth after the crisis and the contribution to GDP from capital or labor were both negative. The correlation between output growth and labor was -0.68 and between output growth and capital was -0.30. The negative correlations suggest that countries with growth driven by capital or labor accumulation are less likely to do well in the future, especially during economic downturns. Our simple exercise also implies that the health of an economy depends on the source of growth instead of the growth itself.

In addition to the role TFP plays in driving long-run growth, this simple exercise shows that a country with robust TFP-driven growth prior to the Great Recession tended to do well relative to other countries following the recession.

Notes and References

¹ The countries are Germany, Italy, France, the United States, Japan, Australia, Canada, Great Britain and Spain.

² The labor inputs are measured by the total labor hours adjusted by quality of labor (human capital).

Additional Resources

• On the Economy: How to Measure the Black Market
• On the Economy: The Effects of Contract Enforcement and Corruption on Trade
• On the Economy: Why Has International Trade Increased So Much?

Food technologist and legend Maria Ylagan Orosa would have been proud that women organizations here have shown and sustained their niche as partners and drivers for poverty alleviation.

Through Rural Improvement Clubs (RICs) in the 15 towns of Nueva Vizcaya, agricultural products from organic to commercial, natural or manmade foods, to name a few was hit among buyers.

These products were exhibited during the RIC Day and 85th Anniversary celebration in November at the provincial capitol in Bayombong town.

On display and for sale were assorted vegetables, rice varieties, salted and natural eggs, poultry products, processed foods, recycled decorative items, handicraft and smoked fish products, fruit crops and recycled materials, among many others.

Stmicroelectronics usb devices driver download for windows. The RIC Day which carried the theme: “The Role of RIC through Agri-Tourism Development”, was attended by provincial government officials.

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Board Member Patricio Dumlao, Jr. who attended the RIC Day, representing Governor Carlos Padilla hailed the RICs for their being efficient, effective and productive partner of the provincial government towards global competitiveness, improved quality of life and economic development.

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“The provincial government will always be supportive for the promotion of sustainable agricultural productivity through the RICs,” he said. Download usb optical mouse mobile phones & portable devices driver.

According to Cristina Sampaga, RIC Provincial Federation president, the exhibit products of the RICs were proof of their technical empowerment.

She said that the RIC members through the assistance of their respective local government units, provincial government and national government agencies such as the Department of Agriculture (DA) and its Agricultural Training Institute (ATI) helped a lot in honing their livelihood skills.

“Many of our RIC members were also given with financial assistance to start their chosen livelihood ventures. They can now support their family in terms of socio-economic needs,” Sampaga added.

She further said that RIC helps in the government’s efforts on food safety security and productivity especially in the countryside.

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Sampaga also urged local government untis to pour in their funds for their Municipal Agriculture Offices (MAOs) through their Farm Home Resource Management Program (FHRMP) to fully provide support and assistance to the municipal RICs.

“We are proud that some of our RIC members have been recognized by the government, particularly the Department of Agriculture(DA) through their annual Gawad Saka Awards,” she added.

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RIC came from its root organization Philippine Home Workers’ Association (PHWA) which adopted and advocated the practices of food technologist Maria Ylagan Orosa who was born in November 29, 1893. (MDCT/BME/PIA 2-Nueva Vizcaya)