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Politics : Formerly About Advanced Micro Devices
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To: TimF who wrote (374520)3/19/2008 7:53:16 AM
From: Road Walker  Read Replies (1) of 1576296
 
If unit labor costs went up, would you say the process was more efficient?

Efficiency of labor in economic terms would be productivity

Which is also a measure of cost.

So your statement is then "The investment, 6 years ago, would have brought us a lot closer to lower oil prices".

Jeez. If you are measuring efficiency you can use two criteria. Cost and physical efficiency (in this case how many gallons of gasoline it takes to move a person or product a mile). In transportation, overall, we have been pretty much flat line in physical efficiency since the late 70's. Slight improvement maybe offset by the recent popularity of trucks and SUVs. Certainly nothing spectacular as you claim.

If you combine the physical efficiency with the cost efficiency, then we have become far less efficient, especially in the last 6 years. That's how measure the effect on the economy.

Now if we had invested the $440Billion in developing more and more efficient hybrids and plug in hybrids, which is hardly earth shattering technology, we would probably be at the threshold of dramatically reducing the fleet average physical efficiency... which would also take a lot of the risk factor out of the trading price of oil and increase the cost efficiency.

And, presumably, there would be new jobs that create commerce and taxes, and exportable technology. Good ancillary GDP.

Instead, this administration went to Iraq. And where has that gotten us.
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