Map of europa

Map of europa for If we consider an aggregate production function Y=f(K,L), then it would surely be surprising that an increase of one percent in L would increase Y by such a great deal more. The additional leverage comes from the fact that, as labor utilization approaches capacity, firms work their inputs harder: additional hours per worker, greater labor force participation, and greater productivity per worker. Okun’s original paper estimated that just over half of the increase came from increased person-hours, with increased labor productivity making up the remainder. BIBLIOGRAPHY. Arthur M. Okun, Potential GNP: Its Measurement and Significance, Proceedings of the Business and Economic Statistics Section, American Statistical Association (ASA, 1962); J. Tobin, How Dead is Keynes? Essays in Economics: Theory and Policy (MIT Press, 1982). Map of europa 2016.

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