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The conditions essential for growth in labor productivity is usually created by money, markets, companies, and property rights.This is known as an incentive system. These institutions help people acquire returns with the assistance of trading and specialization.
Initiation of Industrial Revolution in Britain during the 1700s (probably mid-century) was due to secure property rights. In many African parts in current scenario, absence of this right is still keeping this labor productivity in astagnant position.
If conditions helping in this growth of labor productivity followa constant pace, it initiates a certain effect which in turn affects this pace by,
- Technological advances
- Physical capital growth
- Human capital growth
Links of Previous Main Topic:-
- Definition of Economics
- Economic Problem
- Market Equilibrium
- Employment and Unemployment
- Economic Growth Macroeconomics
- The Basics of Economic Growth
Links of Next Macroeconomics Topics:-
- Physical Capital Growth
- Human Capital Growth
- Technological Advances
- Growth Theories Evidence and Policies
- Classical Growth Theory
- Neoclassical Growth Theory
- New Growth Theory
- New Growth Theory Versus Malthusian Theory
- Sorting Out the Theories
- The Empirical Evidence on the Causes of Economic Growth
- Economic Growth Macroeconomics
- Policies for Achieving Faster Growth
- The Exchange Rate and the Balance of Payments
- The Dollar and Carry Trade
- Expenditure Multiplier Know the Keynesian Model
