Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Manufacturing Jobs Disappear Worldwide Political leaders and media commentators often express concern that since 1995, U.S. manufacturing employment has fallen by nearly 12 percent. Their

Manufacturing Jobs Disappear Worldwide

Political leaders and media commentators often express concern that since 1995, U.S. manufacturing employment has fallen by nearly 12 percent. Their comments often imply that other countries must be capturing those lost manufacturing jobs. In fact, many other countries have also experienced declines in manufacturing employment. Since 1995, the number of people making goods in factories has also decreased by 12 percent in Russia and South Korea. The United Kingdom has lost about 13 percent of its manufacturing jobs, and manufacturing employment has declined by 16 percent in both Japan and China. In Brazil,

the number of manufacturing jobs has fallen by 20 percent.

Technological improvements experienced worldwide have enabled manufacturing industries to substitute capital for labor as wages have increased. Many of the approximately 22 million people who used to be employed in the world's factories have obtained jobs in such industries as telecommunications networking and software design and support.

If global prices of capital goods used in manufacturing increase substantially during the next decade, would you expect employment in factories to continue to decline?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Economics and Business Strategy

Authors: Michael R. baye

7th Edition

978-0073375960, 71267441, 73375969, 978-0071267441

More Books

Students also viewed these Economics questions

Question

How often is the code of conduct reviewed?

Answered: 1 week ago

Question

=+ a. What is the per-worker production function?

Answered: 1 week ago