The United States and Europe is higher at the lower economic efficiency?
By the gross domestic product growth rate of the impact of macroeconomic data, people generally believe that 90 years since the last century since the triumph and the U.S. economy, the Western European economy will become difficult. But economists latest research shows that the per capita output and labor productivity and other indicators reflecting economic efficiency, as one would think that Western Europe is not as far behind the U.S., but with the U.S. equally matched.
Latest issue of British "Economist" magazine reported that in the first quarter of this year, the year, the U.S. gross domestic product growth of 5% in the euro zone grew by only 1.3%; in 2003, up 10 years, average annual economic growth of 3.3% in the United States, the euro area average annual increase of only 2.1%. But if the past 10 years the average annual per capita GDP growth rate is 2.1% in the United States, the euro zone is only 0.3 percentage points lower than in the U.S., 1.8%. Moreover, if the euro-zone economic performance of Germany removed the euro area over the past 10 years, average annual growth rate of per capita GDP to reach 2.1% in the same. The United States and Europe increase in labor productivity gaps in official statistics did not show so much.
People of the United States and Europe view the economy and the actual situation of the reason why there are deviations, mainly because the United States and Europe, and population growth statistics of different caliber. U.S. population growth rate is much higher than the euro area, making the U.S. gross domestic product increases more than the latter. The United States and Europe in economic statistical methods, there are many inconsistencies, is typical of computer software purchased by the difference in treatment costs, this expenditure as an investment in the United States included in GDP, while the euro-zone countries, often to as operating costs, is deducted from the final output.
Look at labor productivity, the United States over the past 10 years, average annual growth rate of labor productivity by 2.6%, the European Central Bank's euro zone increased by 1.7% over the same period, U.S. non-agricultural enterprises calculated to create the output per hour of workers, The European Central Bank statistics, the whole economy, labor productivity. According to the ECB's statistical methods, since 1994 the United States, average annual productivity increase of 2%. According to Goldman Sachs, Inc., the investment rate of return in recent years the euro area and the United States as strong.
However, economic experts have pointed out that over the past 10 years, U.S. productivity growth is really accelerating, and the euro area's growth is slowing. The current unemployment rate in the euro area is still as much as 9%, well above the U.S. 5.6%. Is also undeniable that, by purchasing power parity, per capita income in the euro area than in the U.S. about 30% lower, and this difference remained essentially unchanged over the past 30 years. In fact, workers in the euro zone's gross domestic product per hour to create the gap with the United States from 30 years ago, 30% down to 5%, Germany and France, this indicator is also higher than the United States, but American jobs time is far more than the Europeans, making the United States per capita income much higher than the euro zone. Some experts estimate that Americans work longer than the average life of Germany, France or Italy were more than 40%.
"Economist" magazine that if the Europeans do not want to see their per capita GDP rankings descend the future, we need to work in their lives longer. Of course, the Europeans can continue to leisure and quality of life more important than money is more important, it all depends on their own choice.
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