Diminishing Returns Essay, Research Paper
Law of Diminishing Returns
The Law of diminishing returns is a key one in economics. It is used to explain many of the ways the economy works and changes. It is a relatively simple idea; spending and investing more and more in a product where one of the factors of production remains the same means the enterprise will eventually run out of steam. The returns will begin to diminish in the long run. If more fertilizer and better machinery are used on an acre of farmland, the yield will increase for a while but then begin to slow and become flat. A farmer can only get so much out of the land, and the more the farmer works, the harder it gets. The economic reason for diminishing returns of capital is as follows: When the capital stock is low, there are many workers for each machine, and the benefits of increasing capital further are great; but when the capital stock is high, workers already have plenty of capital to work with, and little benefit is to be gained from expanding capital further. For example, in a secretarial pool in which there are many more secretaries than computer terminals, each terminal is constantly being utilized and secretaries must waste time waiting for a free terminal. In this situation, the benefit in terms of increased output of adding extra terminals is high. However, if there are already as many terminals as secretaries, so that terminals are often idle and there is no waiting for a terminal to become available, little additional output can be obtained by adding yet another terminal.
Another application for this law is in Athletics, for runners, their investment is the time and energy put into training and the yield is hopefully improved fitness. Early in their running careers or early in the training program a couple of weeks of regular training would be rewarded with a considerable increase in fitness. Having achieved a very fit state though, two weeks of regular training will achieve a barely perceptible increase in fitness.
But in today?s world, this famous law seems to have been turned on its head. In Japan, for example, huge amounts of investment have resulted in large increases in the economy and large increases in capital goods per worker. But the rate of productivity growth did not decline the way one would have expected on the basis of diminishing returns. Japan got ahead and stayed ahead.
Другие работы по теме:
Equal Rights Essay Research Paper Throughout history
Equal Rights Essay, Research Paper Throughout history equal rights has always been a major issue in the United States, and around the world. People have fought and even died to protect their rights and the rights of others in this country. Most people assume that colored citizens are the only one?s that are affected by the lack of equal rights, but that?s not true.
Romeo An Juliet Essay Research Paper hi
Romeo An Juliet Essay, Research Paper hi i need an essay about a character in romeo and juliet that demonsrtated maturity. in a well developed multi pagraph essay and say why you think the character’s maturity was greater than the other characters in the play.
Beo Wulf Essay Research Paper Summary of
Beo Wulf Essay, Research Paper Summary of Beowulf’s Journey to Heroism!! 1.) Beowulf hears about the on going problems with Grendel, and sets out that very night with the best of his men to come and defeat the one known as Grendel.
The Great Gatsby Essay Research Paper Love
The Great Gatsby Essay, Research Paper Love is an intense of feeling of deep affection or fondness for a person or a thing. In the novel, The Great Gatsby, Daisy’s love for Gatsby is very shallow. The affections she has for him are only feelings of admiration of his success because Gatsby prospers in all his intentions.
Scarlet Colored Savior Essay Research Paper The
Scarlet Colored Savior Essay, Research Paper The mark of the beast came from within, the mark of the beast drew her sin. Hate is all she knew, hate from which she grew. Tattered and torn, scorn and forlorn she long awaits her savior. She knows not yet her saviors face, yet she searches- stopping at every corner.
Oh Really Essay Research Paper Oh Reallyyou
Oh Really? Essay, Research Paper Oh Really, you think i am a lark, the dogs they run and bark, but when i say to them, shut up shut up shut up, you say to be nice to them,
Indian Movement Essay Research Paper Why were
Indian Movement Essay, Research Paper Why were the Indians forced off their land? a) Land Struggles b) Clash of Cultures Throughout the 1800s America was greatly expanding. As more settlers arrived, more were moving farther and farther west. At this time there were already natives living throughout the land that would one day make up all 50 states.
The Hero
’s Journey Essay, Research Paper There are eight steps a person must take to become a hero, most noticably an epic hero, in Greek Mythology. These eight steps are the call, the threshold, the challenges, the abyss, the transformation, the revelation, the atonement, and the return.
Anti Racist Essay Research Paper I totally
Anti Racist Essay, Research Paper I totally agree with that statement. The way that I have been brought up and how my parents have raised me. I am against all of those organizations. Now why would you want to be a racist? I can’t see how any person or group of people could be so angry at someone that they could beat them up based just on the persons color or religious background.
Criticizing Tom Sawyer Essay Research Paper Its
Criticizing Tom Sawyer Essay, Research Paper Its mom s birthday and everybody in the family has bough mom a gift, except Joe. Mom would not mind because she knows how Joe acts. As mom enters the kitchen everybody gives her the gifts, then it was Joe s turn. He looks at mom then runs out side. He returns back with a box.
Imagery In Macbeth Act 2 Scene 2
Essay, Research Paper Imagery also plays an important part in creating the tension in act 2 scene 2. The first thing we see as Macbeth enters are the two daggers
Music Ll Cool J Can He Still
Rock A Crown Essay, Research Paper LL Cool J, Can He Still Rock a Crown Fifteen years and eight albums after instilling the power of hip-hop into our souls, Big Head Todd returns with G.O.A.T. (Greatest of all time). Still playing the role of the romantic, narcissistic Negro, LL Cool J’s newest aural comeback is overflowing with hardcore jolllies and multisyllabic disses.
Process Of Meiosis Essay Research Paper Meiosis
Process Of Meiosis Essay, Research Paper Meiosis is the reproduction of sex or germ cells in which there are two divisions required to complete the process. They are called meiosis I and meiosis II. In meiosis I, members of homologous pairs of chromosomes divide into two complete sets. There are four stages: prophase I, metaphase I, anaphase I, and telophase I.. -Prophase I is the first phase in meiosis I.
The Membrane Essay Research Paper The MembraneThe
The Membrane Essay, Research Paper The Membrane The membrane has a double lipid layer through which fat- soluble substances will move, by passive transport or diffusion. The molecules will only move through if they are small enough.
Steller Sea Lions Essay Research Paper SAVING
Steller Sea Lions Essay, Research Paper SAVING STELLER SEA LIONS In Alaska the Steller sea lions and the many other wild life there are diminishing. People ride on the ferry to get where they are going but to also see the wildlife. The sea lions are battling with the fishing industry to survive. The fishing industry is not the only factor affecting the wildlife in Alaska, but it play the largest role and contributes to the many effects that affect the life and could lead to a solution to control the problem.
Ivanhoe Essay Research Paper The title of
Ivanhoe Essay, Research Paper The title of my book is Ivanhoe, it was written by Sir Walter Scott. Scott was Scottish born author who died in 1832. He was on of the formost authors of works about chivalry.
Ertwr Essay Research Paper Oxygenpoor blood from
Ertwr Essay, Research Paper Oxygen-poor blood from the body flows down through the RIGHT ATRIUM to fill the RIGHT VENTRICLE which pumps the blood out through the PULMONARY ARTERY to the lungs.
Aeschylus Agamemnon Essay Research Paper Aeschylus Agamemnon
Aeschylus? Agamemnon Essay, Research Paper Aeschylus? Agamemnon tells the story of what happened to the Greek hero Agamemnon when he returns home to Myceneae. Cassandra, daughter of Priam, king of Troy, plays a powerful figure in the play because she foretells the doom of Agamemnon and of herself through visions of a curse upon his household. ?Agamemnon, you will see him dead?, (p.544, l. 1262) Cassandra tells the reader.
Time Travel Essay Research Paper The Twins
Time Travel Essay, Research Paper The Twins Paradox uses Einstein’s Theory of Special Relativity to explain that time travel is possible. Let’s say two twins are on Earth. They are both twenty years old. One leaves in a spaceship. She is gone for sixty years. When she returns the twin that remained on Earth is eighty years old, she on the other hand appears to be about thirty.
Joe Smith Essay Research Paper Joe Smith
Joe Smith Essay, Research Paper Joe Smith Returns To His Roots Seeing that Joe Smith received just two offers, he decided to return to his roots in Minnesota agreeing to the six-year 34 million dollar contract he rejected earlier this week. It appeared very evident that Smith was not re-signing with the Pistons after the press conference which was held this past Tuesday.
Human Comedy Essay Research Paper One Day
Human Comedy Essay, Research Paper One Day Homer Macauley signs up for a telegram delivery job and gets it. While he delivers these letters he discovers the truth about love, hope, and pain
Sin Is Ignorance
– Socratic Definition Of Sin Essay, Research Paper Sin is Ignorance – Socratic definition of sin Sin is ignorance. This is well known Socratic definition of sin which, like everthing Socratic, is an opinion always worthy of attention. The difficulty with the Socratic definition is that it leaves undetermined how ignorance itself is to be more precisely understood, the question of its origin, ect.
The Banquet When Banquo
’s Ghost Returns Essay, Research Paper Whilst Macbeth is entertaining his guests, unseen the ghost of Banquo slips in and sits in Macbeth’s place. When the guests asks Macbeth to sit down, he takes one look at his place and sees Banquo sitting there.He says, “Which of you have done this?”. And they answer him,”What my good Lord?” He asks his guests where there is a spare place and they point to where Banquo’s ghost is sitting.
When Legends Die Essay Research Paper Response
When Legends Die Essay, Research Paper Response to WLD Movie and Novel When the Legends die was very similar in the novel and in the motion picture. There were some differences, but most remained the same.
The Graduate Essay Research Paper In the
The Graduate Essay, Research Paper In the movie The Graduate, the main character Ben returns home from college and encounters a psychological crisis in the sense that he doesn t know who he is or what he wants. This is due in large part to his smothering parents. Though it may seem like he is a free man and entitled to do as he wished, it is much the contrary.
Hamlet Act III Essay Research Paper In
Hamlet Act III Essay, Research Paper In Act III of Hamlet much of the plot begins to take it?s turn. It shows to King Claudius that he is found out, he will no longer be able to go on as if he did nothing.