How did labour scarcity shape the path of economic development in North America?

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Labor scarcity shape the path of economic development in North America. America is a capital abundant nation. Americans labors are three times productive than labors in other nations. North American labor markets have accomplished a massive redistribution of labor out of agriculture into industry and industry into services. At the same time, they accomplished geographic reallocation of labor between United states and across United states from rural to urban areas. U.S. economic development ,technological changes and shifting consumption patterns have caused higher demand for labor to in manufacturing sector. Technological changes have increased the advantage of specialization and the division labor even the labors are scarce. It has been enlarged the boundaries of labor market. As a result more women began to engage in labor force. Labor scarcity raised the labor productivity . It enable the labors to demand higher wages. Thereby it results ordinary Americans to enjoy higher standard of living than other nations

Rahul Sunny answered 1 year ago

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