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Measuring costs of labor as a portion of total production costs has never before been treated so thoroughly or so thoughtfully. Moreover, contrary to most recent labor research, this book focuses on the demand side—the employer's point of view—and the behavior studied is employer behavior. An introductory essay by the editor provides a useful guide to current thought in the analysis of labor cost. Other papers give new insights into problems encountered in accounting for the nonwage elements of labor compensation, the effect of pensions and other benefits, and the wage-measurement questions raised by incomes policies. In addition, there is a wealth of valuable new data on labor costs in the United States. Labor economists, statisticians, econometric modelers, and advisers to government and industry will welcome this up-to-date and comprehensive treatment of the costs of production.
488 kr
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The services industrieswhich include jobs ranging from flipping hamburgers to providing investment advicecan no longer be characterized, as they have in the past, as a stagnant sector marked by low productivity growth. They have emerged as one of the most dynamic and innovative segments of the U.S. economy, now accounting for more than three-quarters of gross domestic product. During the 1990s, 19 million additional jobs were created in this sector, while growth was stagnant in the goods-producing sector. Here, Jack Triplett and Barry Bosworth analyze services sector productivity, demonstrating that fundamental changes have taken place in this sector of the U.S. economy. They show that growth in the services industries fueled the post-1995 expansion in the U.S. productivity and assess the role of information technology in transforming and accelerating services productivity. In addition to their findings for the services sector as a whole, they include separate chapters for a diverse range of industries within the sector, including transportation and communications, wholesale and retail trade, and finance and insurance. The authors also examine productivity measurement issues, chiefly statistical methods for measuring services industry output. They highlight the importance of making improvements within the U.S. statistical system to provide the more accurate and relevant measures essential for analyzing productivity and economic growth.
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How serious is medical care inflation in the United States? For many years, price indexes for medical care have outstripped the overall rate of inflation. For example, between 1986 and 1996, the medical care component of the Consumer Price Index (CPI) rose 6.5 percent per year, roughly exceeding the annual increase in the overall CPI during this period by 75 percent. Many economists, however, believe that economic statistics on medical care do not accurately measure medical care price changes because it is especially difficult to construct accurate price indexes for medical markets. Some very recent research, reported in this volume, suggests thatcontrary to the usual presumption of runaway medical inflationprices for at least some medical care interventions are not rising rapidly and may even be falling. Understanding medical care inflation is important for policy issues such as medical care cost containment. Medical care price indexes also affect other economic statistics on medical care, including national accounts and the national health accounts. Understanding economic trends in the medical care sector is vitally dependent on accurate medical care price measures. This volume, the result of a conference cosponsored by the Brookings Institution and the American Enterprise Institute, brings together state-of-the-art methodological and empirical work on the measurement of medical outcomes and prices. It will be a useful tool for anyone concerned about medical inflation, medical outcomes, the quality of medical treatments, and public policy toward medical cost containment.