Regarding differences in output per capita Jorgenson and Vu conclude :'differences in per capita output levels are primarily explained by differences in per capital input, rather than variations in productivity .'
12.
Ideally, the data required for TFP studies is labour input as measured by work hours ( which is unavailable in Malaysia ) and capital input as measured by the physical capital stock.
13.
The marginal product of labor is the slope of the total product curve, which is the production function plotted against labor usage for a fixed level of usage of the capital input.
14.
Over the long-term, this trend increases the organic composition of capital, meaning that less workers are required in proportion to capital inputs, increasing unemployment ( the " reserve army of labour " ).
15.
With the restrictive financial policies announced by the Bank of Thailand, financial institutions in Thailand will go ahead with their huge recapitalisation plans using the new capital input to strengthen their loan-loss provisions.
16.
To calculate the Malmquist Index of economy A with respect to economy B, we must substitute the labour and capital inputs of economy A into the production function of B, and vice versa.
17.
The growth justified a further capital input into the tourism sector, with over RM1 billion made available via Special Tourism Fund of RM400 million for small projects and RM700 million for larger projects.
18.
Marx argued that productivity gains arising from the substitution of variable capital ( labor inputs ) for constant capital ( capital inputs ) would cause labor displacement to outstrip the demand for labor.
19.
During his tenure, Runme revamped the running of the board, added more staff and capital input, and opened tourist offices abroad in countries such as Australia, Japan, the United Kingdom and United States.
20.
In Marx's analysis of capitalist development, technological progress yields a higher ratio of constant capital ( non-labor inputs ) to variable capital ( labor inputs ), which lowers the demand for labor relative to capital inputs.
