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Increasing living standards depends on increasing worker productivity. Competition causes firms to tie wages closely to employees’ productivity. Since 1973, the average private-sector employee’s productivity has increased by 81 percent, while their average compensation has increased by 78 percent.
Some analysts have produced charts purporting to show that productivity has grown sharply while pay has remained nearly flat. These charts contain many methodological errors. They:
Compare the pay of only some workers to the productivity of all employees;
Count productivity growth of the self-employed, but exclude their pay growth; and
Measure inflation differently to calculate pay growth and productivity growth.
BANGALORE - Days before India expands its vaccination drive to people between the ages of 18 and 45, a debate has erupted over the high price fixed for citizens to pay and if it will adversely impact national immunity.
In the grip of a second wave of the Covid-19 pandemic, India recorded over 350,000 cases on Sunday (April 25), taking total infections to more than 17.3 million. As the coronavirus rips through the country, herd immunity has become urgent.
But the central government has announced that vaccines will not be free of cost for those between 18 and 45 years old who are eligible to be vaccinated from Saturday. The only two approved vaccine manufacturers in the country have now set rates per dose that are higher than those meant for export to the European Union and Britain.
The Kosher Gourmet by Nick Malgieri: Chocolate molten delight with creme anglaise is a simple yet elegant make-ahead dessert The power to tax, asserted Chief Justice John Marshall in McCulloch vs. Maryland, a landmark 1819 Supreme Court decision, involves the power to destroy.
It is a timeless truth. As a tax assessor under Ivan the Terrible, one of the ruthless
oprichniki, recorded in his diary: I did no harm to anyone today; I was resting.
Taxes destroy in many ways. When they are too high, too intrusive, or too complex, taxes can destroy businesses, jobs, and the value of work. They can destroy incentive, innovation, and success. They can destroy prosperity and peace of mind.
Laurence Ball
The crisis has left deep scars, which will affect both supply and demand for many years to come.
Blanchard (2012)
The Covid-19 pandemic in the US has led to volumes of initial claims for unemployment and unemployment rates not seen since the Great Depression period, pushing the economy into a recession. As policymakers map out potential recovery paths, much of the debate tends to focus on short-run and medium-run implications. Can we hope for a ‘V-shaped’ rebound, at least once vaccines have been widely distributed, or will it take a long time between economic decline and subsequent recovery akin to a ‘U-shaped’ rebound or worse (Baldwin and di Mauro 2020, An and Loungani 2020)? What has received less attention are the potential long-run implications. History tells us that economic crises like the current one can alter consumer behaviour in the long-run – beyond the effects captured by standard economic variables such as current employment and employment p
gp samanta: Govt appoints GP Samanta as new Chief Statistician indiatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatimes.com Daily Mail and Mail on Sunday newspapers.