Question

Need 3-4 typed pages of research topic, notes. Thank you!

Any research topic (what you want)

Answer 1

Research Topic:-

The research topic which i have selected for answering the question is Labor Productivity and its effects its increase on the economy as a whole.

Specifics:-

Labor Productivity in general refers to the amount of final goods and services which are produced by a nations workforce per hour of time.

In the modern times, each country wants to achieve a higher productivity ratio than the others to have its final GDP much higher than previous numbers respectively. This can be achieved both by increasing the capital expenditure or making sure, that the overall productivity of the workforce can be increased.

The increase in the productivity of labor force can take place when the government increases the expenditure on education and training and development provided to people within an organisation also increases significantly. Over the years, many countries which were previously backward such as India, China etc have deployed increase in investments of infrastructure particularly in education to enable themselves to become countries which are much more developed than other counterparts.

What does a productive labor force indicate ?

Over a period of time, increased labor force productivity results in higher production of goods and services in the economy. The resultant is that overall demand for goods and services changes and rapidly increases the total production of a country. In the long run, it also has an effect on the wages of workers. Productive workers tend to demand more money in every industry they work in. Graphically this can be explained by the following graph.

The above graph clearly indicates, that an increase in productivity of labor, results in shift in the overall demand for labor force which increases both the wages, and the demand itself respectively.

Conclusion:-

The key to economic growth and overall success of any country is derived by the human capital it possesses. Countries such as United Sates are successful primarily because they have an innovative workforce, the productivity of which has always been extremely high. Increased productivity results in higher production of goods and services within an economy which is the core of the gross domestic product in the country. As a result of increase in overall gross domestic product, people earn and demand relatively higher, and the country can progress significantly.

One of the key determinants of labor productivity is education which is how countries such as India, China which previously were backward in nature have grown so rapidly because of government initiatives and active expenditure respectively.

Please feel free to ask your doubts in the comments section if any.