Question

Americans already enjoy living standards that far exceed world averages. How is the US able to...

Americans already enjoy living standards that far exceed world averages. How is the US able to produce nearly 25% of global output with only 5% of the world's arable land and 12% of the populations? Describe at least three factors that impact US productivity.

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Answer #1

US is world largest economy and it produces 25 % of global output while it accounts for only 12 % of population. Following three factors affect US productivity:

  • Investment in Research and Development: US makes huge investment in Research and development which helps to increase productivity. Investment in Research and development is responsible for development of new technologies.
  • Immigration of world genius: US welcomes the talents from elsewhere. India is largest contributor of talent to US. Thus, new technologies are easily explored and developed.
  • Government policies: US government policies are predominately supportive of new ventures and ideas. Government even offers subsidies to universities and institutions to make investment in research and development.
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