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Decoupling Of Wages From Productivity
The decoupling of median wages from productivity, sometimes known as the great decoupling, is the gap between the growth rate of median wages and the growth rate of GDP per person or productivity. Erik Brynjolfsson and Andrew McAfee highlighted this problem toward the end of the twentieth century and the beginning of the twenty-first century. This problem furthermore leads to wage stagnation for the median despite continued economic growth overall. Mathematically, if inequality grows, then top incomes and total income can increase even if median income is relatively stagnant. A number of causes have been hypothesized, including advances in technology such as automation, globalization, self-employment and wage inequality. Some commentators argue that some or all of the Great Decoupling can be explained as the product of faulty assumptions about the underlying economics. Background On average across 24 OECD countries, there has been significant decoupling of real median wage gro ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Median
The median of a set of numbers is the value separating the higher half from the lower half of a Sample (statistics), data sample, a statistical population, population, or a probability distribution. For a data set, it may be thought of as the “middle" value. The basic feature of the median in describing data compared to the Arithmetic mean, mean (often simply described as the "average") is that it is not Skewness, skewed by a small proportion of extremely large or small values, and therefore provides a better representation of the center. Median income, for example, may be a better way to describe the center of the income distribution because increases in the largest incomes alone have no effect on the median. For this reason, the median is of central importance in robust statistics. Median is a 2-quantile; it is the value that partitions a set into two equal parts. Finite set of numbers The median of a finite list of numbers is the "middle" number, when those numbers are liste ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Globalization
Globalization is the process of increasing interdependence and integration among the economies, markets, societies, and cultures of different countries worldwide. This is made possible by the reduction of barriers to international trade, the liberalization of capital movements, the development of transportation, and the advancement of information and communication technologies. The term ''globalization'' first appeared in the early 20th century (supplanting an earlier French term ''mondialisation''). It developed its current meaning sometime in the second half of the 20th century, and came into popular use in the 1990s to describe the unprecedented international connectivity of the Post–Cold War era, post–Cold War world. The origins of globalization can be traced back to the 18th and 19th centuries, driven by advances in transportation and communication technologies. These developments increased global interactions, fostering the growth of international trade and the exc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Policy
Policy is a deliberate system of guidelines to guide decisions and achieve rational outcomes. A policy is a statement of intent and is implemented as a procedure or protocol. Policies are generally adopted by a governance body within an organization. Policies can assist in both ''subjective'' and ''objective'' decision making. Policies used in subjective decision-making usually assist senior management with decisions that must be based on the relative merits of a number of factors, and as a result, are often hard to test objectively, e.g. work–life balance policy. Moreover, governments and other institutions have policies in the form of laws, regulations, procedures, administrative actions, incentives and voluntary practices. Frequently, resource allocations mirror policy decisions. Policies intended to assist in objective decision-making are usually operational in nature and can be objectively tested, e.g. a password policy. The term may apply to government, public se ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Public Policy
Public policy is an institutionalized proposal or a Group decision-making, decided set of elements like laws, regulations, guidelines, and actions to Problem solving, solve or address relevant and problematic social issues, guided by a conception and often implemented by programs. These policies govern and include various aspects of life such as education, health care, employment, finance, economics, transportation, and all over elements of society. The implementation of public policy is known as public administration. Public policy can be considered the sum of a government's direct and indirect activities and has been conceptualized in a variety of ways. They are created and/or enacted on behalf of the public, typically by a government. Sometimes they are made by Non-state actors or are made in Co-production (public services), co-production with communities or citizens, which can include potential experts, scientists, engineers and stakeholders or scientific data, or sometimes u ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Technological Change
Technological change (TC) or technological development is the overall process of invention, innovation and diffusion of innovations, diffusion of technology or business process, processes.From ''The New Palgrave Dictionary otechnical change by S. Metcalfe. •biased and biased technological change by Peter L. Rousseau. •skill-biased technical change by Giovanni L. Violante. In essence, technological change covers the invention of technologies (including processes) and their commercialization or release as open source via research and development (producing emerging technologies), the continual improvement process, continual improvement of technologies (in which they often become less expensive), and the diffusion of technologies throughout industry or society (which sometimes involves disruptive innovation, disruption and technological convergence, convergence). In short, technological change is based on both better and more technology. Modeling technological chan ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Global Value Chain
A global value chain (GVC) refers to the full range of activities that economic actors engage in to bring a product to market. The global value chain does not only involve production processes, but preproduction (such as design) and postproduction processes (such as marketing and distribution). GVC is similar to Industry Level Value Chain but encompasses operations at the global level. GVC is similar to the concept of a supply chain, but the latter focuses on conveyance of materials and products between locations, often including change of ownership of those materials and products. The existence of a global value chain (i.e. where different stages in the production and consumption of materials and products of value take place in different parts of the world) implies a global supply chain engaged in the movement of those materials and products on a global basis. In development The first references to the concept of a global value chain date from the mid-1990s. Early references we ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wage Dispersion
In economics, wage dispersion is the variation in wages encountered in an economy. See also *Search theory In microeconomics, search theory studies buyers or sellers who cannot instantly find a trading partner, and must therefore search for a partner prior to transacting. It involves determining the best approach to use when looking for a specific ite ... * Price dispersion * Economic inequality * Wage ratio Books * Dale T. Mortensen (2005), ''Wage Dispersion: Why Are Similar Workers Paid Differently?'', MIT Press. Dispersion Income inequality metrics {{economic-term-stub de:Lohnspreizung ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Digital Transformation
Digital transformation (DT) is the process of adoption and implementation of digital technology by an organization in order to create new or modify existing products, services and operations by the means of translating business processes into a digital format. The goal for its implementation is to increase value through innovation, invention, improved customer experience and efficiency. Focusing on efficiency and costs, the Chartered Institute of Procurement & Supply (CIPS) defines "digitalisation" as However, since there are no comprehensive data sets on digital transformation at the macro level, the overall effect of digital transformation is still (), too early to comment. While there are approaches which see digital transformation as an opportunity to be seized quickly if the dangers of delay are to be avoided, a useful incremental approach to transformation called discovery-driven planning (DDP) has been proven to help solve digital challenges, especially for traditional ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Research And Development
Research and development (R&D or R+D), known in some countries as OKB, experiment and design, is the set of innovative activities undertaken by corporations or governments in developing new services or products. R&D constitutes the first stage of development of a potential new service or the production process. Although R&D activities may differ across businesses, the primary goal of an R&D department is to new product development, develop new products and services. R&D differs from the vast majority of corporate activities in that it is not intended to yield immediate profit, and generally carries greater risk and an uncertain return on investment. R&D is crucial for acquiring larger shares of the market through new products. ''R&D&I'' represents R&D with innovation. Background New product design and development is often a crucial factor in the survival of a company. In a global industrial landscape that is changing fast, firms must continually revise their design and range of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Information And Communications Technology
Information and communications technology (ICT) is an extensional term for information technology (IT) that stresses the role of unified communications and the integration of telecommunications (telephone lines and wireless signals) and computers, as well as necessary enterprise software, middleware, storage and audiovisual, that enable users to access, store, transmit, understand and manipulate information. ICT is also used to refer to the convergence (telecommunications), convergence of audiovisuals and telephone networks with computer networks through a single cabling or link system. There are large economic incentives to merge the telephone networks with the computer network system using a single unified system of cabling, signal distribution, and management. ICT is an umbrella term that includes any communication device, encompassing radio, television, cell phones, computer and network hardware, satellite systems and so on, as well as the various services and appliances with ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Industry (economics)
In microeconomics, an industry is a branch of an economy that Production (economics) , produces a closely related set of raw materials, Good (economics) , goods, or Service (economics) , services. For example, one might refer to the wood industry or to the insurance industry. When evaluating a single group or company, its dominant source of revenue is typically used by industry classifications to classify it within a specific industry. For example the International Standard Industrial Classification (ISIC) – used directly or through derived classifications for the official statistics of most countries worldwide – classifies "statistical units" by the "economic activity in which they mainly engage". Industry is then defined as "set of statistical units that are classified into the same ISIC category". However, a single business need not belong just to one industry, such as when a large business (often referred to as a conglomerate (company), conglomerate) Diversification (ma ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Product Design
Product design is the process of creating new Product (business), products for businesses to sell to their customers. It involves the generation and development of ideas through a systematic process that leads to the creation of innovative products. Thus, it is a major aspect of new product development. ''Product design process:'' The product design process is a set of strategic and tactical activities, from idea generation to commercialization, used to create a product design. In a systematic approach, product designers conceptualize and evaluate ideas, turning them into tangible inventions and products. The product designer's role is to combine art, science, and technology to create new products that people can use. Their evolving role has been facilitated by Digital data, digital tools that now allow designers to do things that include communicate, visualize, analyze, 3D modeling and actually produce tangible ideas in a way that would have taken greater human resources in the p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
