| 单词 | residual |
| 释义 | residual Anything which cannot be explained in an economic relation. For example, it is possible to try to explain the growth in real GDP by increases in the labour force and increases in the real capital stock. If these gave a complete explanation of the growth in GDP, it would be equal to the growth in the labour force times the marginal product of labour, assumed to be measured by wage rates, plus the growth in the capital stock times the marginal product of capital, assumed to be measured by profitability. Any excess of total growth over these is a residual, assumed by some authors to be a measure of technical progress. |
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