Monday

 Mostly summarized from Gregory Mankiw’s Principles of Economics, 5th Ed.

PART 9 The Real Economy in the Long Run
Chapter 25 of 36 Production and Growth
Section 6 of 23
…
How is productivity determined?
For Robinson Crusoe, fishing productivity factors include:
-1- his amount and quality of fishing poles
-2- any previous training in or experience with fishing techniques
-3 - the size of the island’s fish supply
-4- his ability to develop better fishing tools
Each of these four are productivity determinants, and have counterparts in large economies.
These determinants are called:
-1- physical capital
-2- human capital
-3 - natural resources
-4- technological advancement
…
-1- Physical Capital
Workers are more productive if they have greater quantity and quality tools.
The stock of equipment and structures used for production is called physical capital, or simply capital.
For carpenters, the capital they use includes saws, lathes, and drill presses.
More and better tools allow carpenters to produce more quickly and accurately.
A person with only basic hand tools can make less furniture each week than one with the latest specialized woodworking equipment.
…
The inputs used to produce goods —labor, land and capital— are called the factors of production.
An important feature of capital is it is a produced factor of production.
Capital is an input into the production process that in the past itself was an output from the production process.
A carpenter uses a lathe to make legs of a table.
Earlier, the lathe itself was the output of a lathe manufacturing firm.
The lathe manufacturer in turn used other equipment to make lathes.
Capital is a factor of production used to produce various goods including more capital.
…
-2- Human capital
Human capital is the skills and knowledge workers acquire through education, training, and experience.
This includes all skills learned from early childhood schooling through high school, technical training, college, and on the job training.
Human capital also is a produced factor of production.
Producing human capital requires inputs in the form of teachers, libraries, and student time.
Students and trainees can be considered workers who have the job of producing for themselves the human capital that will be used in future production.
… …
education, training, experience
kyouiku, kunren, keiken

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