Best Tractors

Best Tractors

European countries fell in between, with land in the United Kingdom about twice as abundant as on the continent. These differences in endowments were reflected in massive differences in factor prices. In Japan, a worker had to work nearly 2,000 days to buy a hectare of land, while his counterpart in the United States needed to work only one-tenth of that time.
Unlike in cases 1 and 2, workers who lose their jobs will find only inferior alternatives, and some may remain unemployed; this redeployment of labor is not a productive benefit, but a loss. Nor is there any potential relief from drudgery for the redeployed workers, since their inferior work options may in fact entail more drudgery.

Sponsored

European countries fell in between, with land in the United Kingdom about twice as abundant as on the continent. These differences in endowments were reflected in massive differences in factor prices. In Japan, a worker had to work nearly 2,000 days to buy a hectare of land, while his counterpart in the United States needed to work only one-tenth of that time.
Unlike in cases 1 and 2, workers who lose their jobs will find only inferior alternatives, and some may remain unemployed; this redeployment of labor is not a productive benefit, but a loss. Nor is there any potential relief from drudgery for the redeployed workers, since their inferior work options may in fact entail more drudgery.

Source 1 | Source 2 | Source 3

See Also Gallery

Facebook Comments

More Video


Sponsored