Discussion on capital also labour goods
1. The advent of the one man bus involved more capital equipment: an automatically operated coin box also door control device - to name two of the capital goods which replaced the conductor."
(a) Is this a case of capital replacing labour? Where?
(b) Is this a case of labour replacing labour? Where?
2. Compute the following statement:
(a) Taiwanese labour is far less productive than American labour as evidenced by the fact it takes so much of it to get things done e.g., it may take three or four Taiwanese to do a job done by one American;
(b) American agricultural land is less fertile than Taiwan land as evidenced by the lower yield per acre in the U.S. Separately Compute both statements.
3. Suppose which you are a member of a minority group in some country also have reason to doubt which your property rights would be enforced also respected in the community.
(a) Illustrate what forms of capital would you invest in?
(b) Illustrate what kinds of skills would you encourage for your children?
(c) Do you know of any evidence of such actual behaviour by minority groups?