Communism has been defined as a system where: People work according to their ability and receive according to their needs All big decisions are made at the centre All data is processed at the centre Capitalism, on the other hand, is an alternative where: People are free to buy/ sell/ invest in whatever they like …
Category: 21. Global
May 19
UK works longer hours than EU
Of the 168 hours in any week, the average person works (on tasks she needs to be paid for) around 40 hours of that time An average worker’s hourly breakdown per week is guestimated to be 30% work-related/ 70% home related viz: 40 (24%) = Work 10 (6%) = Commute to/ from work 60 (35%) …
Mar 19
Energy is unlimited
The following is mostly extracted from Dr Yuval Noah Harari’s splendid book Sapiens – A Brief History of Humankind which is full of fascinating facts and consequences, and well worth reading We all know energy is vital for economic growth But why do so many doomsayers, nowadays, keep alarming us by saying we’re running out …
Feb 18
Free trade is good for all nations
“Economists are worried about international trade” according to Harvard Professor Gregory Mankiw in an article printed by the New York Times No less than Adam Smith, in his famous ‘Wealth of Nations’ made the case for free trade, arguing that trade among nations is like trade among people: No one feels compelled to sew his …
Feb 09
Global recovery good for others too
According to Martin Wolf, the star FT (Financial Times) journalist, the world economy is enjoying a synchronised recovery which is good news not just for the G7 but emerging and developing countries too: Commodity prices have rebounded Trade volumes have recovered FDI capital flows to emerging countries have strengthened His conclusions are based on precise …
Feb 09
NZ Productivity Commission slams their public sector
A new NZPC (New Zealand Productivity Commission) report slams parts of their public sector for inefficiency It says the private sector measures its productivity but the public sector falls short despite $40 billion being spent every year on such as health, education, justice, law and order and social welfare “The New Zealand government has been …
Jan 13
What do the East want from the West?
When we Westerners drop in to Asian countries nowadays, most are staggered by the modernity that confronts us – the numerous sky-scrapers, concrete flyovers, n-lane motorways – and millions of cars and motor-bikes with few of them old bangers Hong Kong, Jakarta, Bangkok, Tokyo, Singapore, Kuala Lumpur are but a few capitals where this applies …
Jan 13
Japan falls down productivity ladder
Back in the 80s, the West was besotted by the miracle performance levels of Japan’s manufacturing sector and mistakenly concluded that TQM – Total Quality Management – and ‘culture change’ was their secret Actually, it was mostly due to good performance measures, use of basic statistics and common sense in finding best ways to meet …
Nov 28
How does Germany beat UK at productivity?
Unite, a UK trade union, commissioned a study to establish ‘the most significant reasons for Germany’s high productivity rate’ when compared to the UK The results were as follows: Reason 1 – Skills: Germany has a highly skilled workforce, which their government has invested a lot in: More than 80% have received formal vocational training …
Oct 15
Productivity Commission (Aus) shows the way
Peter Harris, chairman of Australia’s Productivity Commission (PC), was interviewed on the airwaves The purpose of the APC is to deal with problems that the Government finds too hard – too difficult to solve – based on a fact-based analysis And it’s most important that their views are accepted as being independent The process they follow …
Jun 29
Dismal productivity trends need not continue
The OECD – Organisation of Economic and Cultural Development – recently painted a dismal G7 economic picture claiming ‘slowing rates of productivity growth’ in advanced nations over the last ten years or so Other data suggests the same trend is underway in many less affluent nations according to an article by Marc Levinson – his …
Jun 29
Cheap labour slows productivity growth
A nation’s mix of sectors largely determines its overall productivity and prosperity levels And some sectors are much more productive than others For example, the UK has some highly productive sectors such as manufacturing which are continually improving their (labour) productivity levels by investing in latest technology such as robotics, automation, IoTand AI Japan is …
May 15
National productivity positions built on sand
I read an article about Chinese productivity posted by Bloomberg journalist Michael Schuman and sent him the following email: Michael, I read your article about Chinese productivity with great interest The first step in any major productivity improvement drive is indeed to establish the current position – where are you now? Most ‘expert’ commentators try to do …
Low Australia productivity affects all, not just a few
New Reserve Bank governor, Philip Lowe, says boosting productivity is essential if Australia is to maintain the living standards it has enjoyed in recent years He warns: “Australia’s remarkable boom times are over and the best way to maintain our standard of living is to have a laser-like focus on productivity”. In his first appearance before …
Wage levels versus Productivity
President John F. Kennedy believed that “a rising tide lifts all boats” but many question if that remains true today in the business world They point to data showing that productivity has risen sharply since the end of WW2 whilst wages have stagnated and conclude that productivity-driven economic growth does not necessarily benefit USA workers …
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