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How land, labor, and capital were the building blocks of the US economy - Essay Example

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How land, labor, and capital were the building blocks of the US economy

(Nass.usda.gov, 2013) The waterways of the country have also contributed towards the economic growth by producing thousands of jobs in the shipping industry and on the seaport. The sailors and the ground staff are all beneficiaries of the inland waterways. These waterways also provide recreational enjoyment, hydropower and flood control mechanisms. For example, the Kentucky reservoir creates the following benefits to the economy apart from creating jobs in the system. (www.nationalwaterwaysfoundation.org, 2011) The climate change on a global scale has also affected the US economy. The Office of Climate Change and Technology deals with the policies related to mitigating the adverse climate changes affecting the economy. The mineral reserves of the US are enriched with metallic and non-metallic products that have continued to add value to the economic growth. The mineral related increasing economic trends can be seen as follows: (minerals.usgs.gov, 2012) The second factor of production playing its pivotal role in the US economic growth is labor. The US labor market has recovered after the recession and post 2009 the growth in employment is slow as compared to the modest economic growth. The government is continuously creating more and more jobs but the job creation is not sufficient enough to cover the aftermath of the recession. With the increase in the number of new jobs created the unemployment rate still linger around the same levels. The job creation cannot keep up with the increase

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in the quantity of labor. The GDP and employment growth can be tracked down from the following graph: (International Labor Organization, 2013) The US economy has seen new jobs being created in the private sectors while the government is continuously laying off people. The quality of workforce in the private sector has increased but the same cannot be said about the government offices. In terms of industry, most jobs are being created in the services sector with manufacturing sector actually losing jobs. The real work hours of the employees are stable but the corresponding pay in real terms has decreased. The composition of workforce as changed and unemployment has hit minorities and males more than the females in the workforce. The youth unemployment has also become a serious issue as more and more youngster are unemployed. The human capital composition is also affected by free public education where most of the youth is educated and unemployment causes a serious threat to their chances of getting higher education which can only be afforded with a well paying job. The third factor of production affecting the economic growth is the capital of a country. The US capital base has evolved through many innovations and inventions to become technologically smart and efficient. The agricultural innovations involved the use of precision techniques in farming. The use of satellite technology in farming is one of the greatest and most fruitful inventions of modern time. Farmers can easily track and plan their farming activities through this technology. In terms of the manufacturing sector the Advanced Manufacturing Office (AMO) performs research and development activities to improve the efficiency of the manufacturing sector. ‘Manufacturers in diverse industries reap the energy and cost benefits of the energy-efficient processes and materials developed with AMO support.’

Summary

By: 10th Nov, 2013 Contribution of the factors of production towards the US economic growth The United States is the largest producer and economic power of the word. It produces more than half of the world’s output and the growth of the US economic is mostly attributed to the factors of production: land, labor, capital and entrepreneurs…
How land, labor, and capital were the building blocks of the US economy
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