While acknowledging
these costs of economic growth, most economists assume that personal consumption still rises as gross product rises and that the defensive portions of personal consumption are negligible.
The study confirms the hunch of many environmental economists that
the costs of economic growth have outweighed its benefits for several decades.
Not exact matches
Important factors that could cause actual results to differ materially from those reflected in such forward - looking statements and that should be considered in evaluating our outlook include, but are not limited to, the following: 1) our ability to continue to grow our business and execute our
growth strategy, including the timing, execution, and profitability
of new and maturing programs; 2) our ability to perform our obligations under our new and maturing commercial, business aircraft, and military development programs, and the related recurring production; 3) our ability to accurately estimate and manage performance,
cost, and revenue under our contracts, including our ability to achieve certain
cost reductions with respect to the B787 program; 4) margin pressures and the potential for additional forward losses on new and maturing programs; 5) our ability to accommodate, and the
cost of accommodating, announced increases in the build rates
of certain aircraft; 6) the effect on aircraft demand and build rates
of changing customer preferences for business aircraft, including the effect
of global
economic conditions on the business aircraft market and expanding conflicts or political unrest in the Middle East or Asia; 7) customer cancellations or deferrals as a result
of global
economic uncertainty or otherwise; 8) the effect
of economic conditions in the industries and markets in which we operate in the U.S. and globally and any changes therein, including fluctuations in foreign currency exchange rates; 9) the success and timely execution
of key milestones such as the receipt
of necessary regulatory approvals, including our ability to obtain in a timely fashion any required regulatory or other third party approvals for the consummation
of our announced acquisition
of Asco, and customer adherence to their announced schedules; 10) our ability to successfully negotiate, or re-negotiate, future pricing under our supply agreements with Boeing and our other customers; 11) our ability to enter into profitable supply arrangements with additional customers; 12) the ability
of all parties to satisfy their performance requirements under existing supply contracts with our two major customers, Boeing and Airbus, and other customers, and the risk
of nonpayment by such customers; 13) any adverse impact on Boeing's and Airbus» production
of aircraft resulting from cancellations, deferrals, or reduced orders by their customers or from labor disputes, domestic or international hostilities, or acts
of terrorism; 14) any adverse impact on the demand for air travel or our operations from the outbreak
of diseases or epidemic or pandemic outbreaks; 15) our ability to avoid or recover from cyber-based or other security attacks, information technology failures, or other disruptions; 16) returns on pension plan assets and the impact
of future discount rate changes on pension obligations; 17) our ability to borrow additional funds or refinance debt, including our ability to obtain the debt to finance the purchase price for our announced acquisition
of Asco on favorable terms or at all; 18) competition from commercial aerospace original equipment manufacturers and other aerostructures suppliers; 19) the effect
of governmental laws, such as U.S. export control laws and U.S. and foreign anti-bribery laws such as the Foreign Corrupt Practices Act and the United Kingdom Bribery Act, and environmental laws and agency regulations, both in the U.S. and abroad; 20) the effect
of changes in tax law, such as the effect
of The Tax Cuts and Jobs Act (the «TCJA») that was enacted on December 22, 2017, and changes to the interpretations
of or guidance related thereto, and the Company's ability to accurately calculate and estimate the effect
of such changes; 21) any reduction in our credit ratings; 22) our dependence on our suppliers, as well as the
cost and availability
of raw materials and purchased components; 23) our ability to recruit and retain a critical mass
of highly - skilled employees and our relationships with the unions representing many
of our employees; 24) spending by the U.S. and other governments on defense; 25) the possibility that our cash flows and our credit facility may not be adequate for our additional capital needs or for payment
of interest on, and principal
of, our indebtedness; 26) our exposure under our revolving credit facility to higher interest payments should interest rates increase substantially; 27) the effectiveness
of any interest rate hedging programs; 28) the effectiveness
of our internal control over financial reporting; 29) the outcome or impact
of ongoing or future litigation, claims, and regulatory actions; 30) exposure to potential product liability and warranty claims; 31) our ability to effectively assess, manage and integrate acquisitions that we pursue, including our ability to successfully integrate the Asco business and generate synergies and other
cost savings; 32) our ability to consummate our announced acquisition
of Asco in a timely matter while avoiding any unexpected
costs, charges, expenses, adverse changes to business relationships and other business disruptions for ourselves and Asco as a result
of the acquisition; 33) our ability to continue selling certain receivables through our supplier financing program; 34) the risks
of doing business internationally, including fluctuations in foreign current exchange rates, impositions
of tariffs or embargoes, compliance with foreign laws, and domestic and foreign government policies; and 35) our ability to complete the proposed accelerated stock repurchase plan, among other things.
As long as the provinces» spending is generating
economic growth at a faster rate than their
cost of borrowing, they are doing the right thing.
As inflation rises in tandem with
economic growth,
growth stocks» future potential profits look less enticing compared with the steady profits
of value companies, many
of which are in industries where they can pass their
costs through to customers.
I, therefore, thought that the Netherland's finance minister — a country serving as the key enforcer
of German austerity - at - all -
cost (as long as the
costs are not theirs) policies — showed an incredible chutzpah when he lectured the U.S. Congress last Friday that it would be a real tragedy (sic) if mandated spending cuts were to stifle American
economic growth.
«The already challenged restaurant industry has been hit with slowing overall
economic growth and the gap between the
cost of dining at home compared to dining out,» Dine Equity CEO Julia Stewart said in a call with investors in November.
Such risks, uncertainties and other factors include, without limitation: (1) the effect
of economic conditions in the industries and markets in which United Technologies and Rockwell Collins operate in the U.S. and globally and any changes therein, including financial market conditions, fluctuations in commodity prices, interest rates and foreign currency exchange rates, levels
of end market demand in construction and in both the commercial and defense segments
of the aerospace industry, levels
of air travel, financial condition
of commercial airlines, the impact
of weather conditions and natural disasters and the financial condition
of our customers and suppliers; (2) challenges in the development, production, delivery, support, performance and realization
of the anticipated benefits
of advanced technologies and new products and services; (3) the scope, nature, impact or timing
of acquisition and divestiture or restructuring activity, including the pending acquisition
of Rockwell Collins, including among other things integration
of acquired businesses into United Technologies» existing businesses and realization
of synergies and opportunities for
growth and innovation; (4) future timing and levels
of indebtedness, including indebtedness expected to be incurred by United Technologies in connection with the pending Rockwell Collins acquisition, and capital spending and research and development spending, including in connection with the pending Rockwell Collins acquisition; (5) future availability
of credit and factors that may affect such availability, including credit market conditions and our capital structure; (6) the timing and scope
of future repurchases
of United Technologies» common stock, which may be suspended at any time due to various factors, including market conditions and the level
of other investing activities and uses
of cash, including in connection with the proposed acquisition
of Rockwell; (7) delays and disruption in delivery
of materials and services from suppliers; (8) company and customer - directed
cost reduction efforts and restructuring
costs and savings and other consequences thereof; (9) new business and investment opportunities; (10) our ability to realize the intended benefits
of organizational changes; (11) the anticipated benefits
of diversification and balance
of operations across product lines, regions and industries; (12) the outcome
of legal proceedings, investigations and other contingencies; (13) pension plan assumptions and future contributions; (14) the impact
of the negotiation
of collective bargaining agreements and labor disputes; (15) the effect
of changes in political conditions in the U.S. and other countries in which United Technologies and Rockwell Collins operate, including the effect
of changes in U.S. trade policies or the U.K.'s pending withdrawal from the EU, on general market conditions, global trade policies and currency exchange rates in the near term and beyond; (16) the effect
of changes in tax (including U.S. tax reform enacted on December 22, 2017, which is commonly referred to as the Tax Cuts and Jobs Act
of 2017), environmental, regulatory (including among other things import / export) and other laws and regulations in the U.S. and other countries in which United Technologies and Rockwell Collins operate; (17) the ability
of United Technologies and Rockwell Collins to receive the required regulatory approvals (and the risk that such approvals may result in the imposition
of conditions that could adversely affect the combined company or the expected benefits
of the merger) and to satisfy the other conditions to the closing
of the pending acquisition on a timely basis or at all; (18) the occurrence
of events that may give rise to a right
of one or both
of United Technologies or Rockwell Collins to terminate the merger agreement, including in circumstances that might require Rockwell Collins to pay a termination fee
of $ 695 million to United Technologies or $ 50 million
of expense reimbursement; (19) negative effects
of the announcement or the completion
of the merger on the market price
of United Technologies» and / or Rockwell Collins» common stock and / or on their respective financial performance; (20) risks related to Rockwell Collins and United Technologies being restricted in their operation
of their businesses while the merger agreement is in effect; (21) risks relating to the value
of the United Technologies» shares to be issued in connection with the pending Rockwell acquisition, significant merger
costs and / or unknown liabilities; (22) risks associated with third party contracts containing consent and / or other provisions that may be triggered by the Rockwell merger agreement; (23) risks associated with merger - related litigation or appraisal proceedings; and (24) the ability
of United Technologies and Rockwell Collins, or the combined company, to retain and hire key personnel.
While strict mortgage - lending laws were in place before he took office and they came at a
cost — less home ownership and slower
economic growth — the state's conservative rules, as WSJ notes, «largely prevented the state's residents from signing the types
of dubious home loans written in other markets across the country.»
The administration contends tax cuts would spur so much
economic growth that the resulting new revenues would help offset the
cost of the cuts.
The improved credibility
of the central bank's commitment to keep inflation low and stable should, in turn, allow it to deliver better inflation outcomes with fewer short - run
costs to
economic growth and employment.
Forward - looking statements may include, among others, statements concerning our projected adjusted income (loss) from operations outlook for 2018, on both a consolidated and segment basis; projected total revenue
growth and global medical customer
growth, each over year end 2017; projected
growth beyond 2018; projected medical care and operating expense ratios and medical
cost trends; our projected consolidated adjusted tax rate; future financial or operating performance, including our ability to deliver personalized and innovative solutions for our customers and clients; future
growth, business strategy, strategic or operational initiatives;
economic, regulatory or competitive environments, particularly with respect to the pace and extent
of change in these areas; financing or capital deployment plans and amounts available for future deployment; our prospects for
growth in the coming years; the proposed merger (the «Merger») with Express Scripts Holding Company («Express Scripts») and other statements regarding Cigna's future beliefs, expectations, plans, intentions, financial condition or performance.
For example, slower
growth in the
cost of health care will be a boon for the government and businesses, but will actually subtract from reported
economic activity.
The Aussie will decline to 72 US cents by year - end as restrained
economic growth and inflation mean the Reserve Bank
of Australia will take a «few years» to catch up with the Federal Reserve in raising borrowing
costs, said Philip Moffitt, Asia - Pacific head
of fixed income in Sydney at the firm, which oversees more than $ US1 trillion.
Of course it matters to anyone who wants to understand the economic cost of the adjustment, but arguments about whether the reported data are overstated, and by how much, have become part of the bull vs bear debate about whether Chinese growth is merely slowing temporarily, and not as part of a major economic reversal of the growth mode
Of course it matters to anyone who wants to understand the
economic cost of the adjustment, but arguments about whether the reported data are overstated, and by how much, have become part of the bull vs bear debate about whether Chinese growth is merely slowing temporarily, and not as part of a major economic reversal of the growth mode
of the adjustment, but arguments about whether the reported data are overstated, and by how much, have become part
of the bull vs bear debate about whether Chinese growth is merely slowing temporarily, and not as part of a major economic reversal of the growth mode
of the bull vs bear debate about whether Chinese
growth is merely slowing temporarily, and not as part
of a major economic reversal of the growth mode
of a major
economic reversal
of the growth mode
of the
growth model.
If the deficit is due to an
economic recession, defined as two consecutive quarters
of negative
growth in real gross domestic product, or to «extraordinary events», such as a natural disaster or war, that results in an «
cost»
of more than $ 3 billion, then the operating budgets
of departments and agencies would be automatically frozen to pay for any wage increases.
I have explained elsewhere some
of the reasons that determine whether a country's debt is «excessively high», and I hope formally to list these reasons more fully in my next book, but the key is the gap that is created between projected debt - servicing
costs and the projected revenues earmarked to service the debt when an
economic entity suffers an unexpected surge in debt or an unexpected decline in
growth.
In this article I connect the fall in the
growth rate, with its roots in the rising
costs of energy extraction and generation, to declining resilience in the
economic system.
Important factors that may affect the Company's business and operations and that may cause actual results to differ materially from those in the forward - looking statements include, but are not limited to, increased competition; the Company's ability to maintain, extend and expand its reputation and brand image; the Company's ability to differentiate its products from other brands; the consolidation
of retail customers; the Company's ability to predict, identify and interpret changes in consumer preferences and demand; the Company's ability to drive revenue
growth in its key product categories, increase its market share, or add products; an impairment
of the carrying value
of goodwill or other indefinite - lived intangible assets; volatility in commodity, energy and other input
costs; changes in the Company's management team or other key personnel; the Company's inability to realize the anticipated benefits from the Company's
cost savings initiatives; changes in relationships with significant customers and suppliers; execution
of the Company's international expansion strategy; changes in laws and regulations; legal claims or other regulatory enforcement actions; product recalls or product liability claims; unanticipated business disruptions; failure to successfully integrate the Company; the Company's ability to complete or realize the benefits from potential and completed acquisitions, alliances, divestitures or joint ventures;
economic and political conditions in the nations in which the Company operates; the volatility
of capital markets; increased pension, labor and people - related expenses; volatility in the market value
of all or a portion
of the derivatives that the Company uses; exchange rate fluctuations; disruptions in information technology networks and systems; the Company's inability to protect intellectual property rights; impacts
of natural events in the locations in which the Company or its customers, suppliers or regulators operate; the Company's indebtedness and ability to pay such indebtedness; the Company's dividend payments on its Series A Preferred Stock; tax law changes or interpretations; pricing actions; and other factors.
In any case, smaller stocks will probably be most vulnerable to earnings shortfalls in the coming year or two, stemming from either slower
economic growth, rising real wage
costs in excess
of productivity
growth, or most likely, both.
Basically, Mr. Flaherty is looking for suggestions on how to «strengthen our economy in the face
of global
economic threats»; with «
cost - neutral or low
cost measures», focusing on «more efficient and effective spending» that builds on the «government's belief
of respecting taxpayers» dollars» and «encourages private sector
growth and leadership».
And since changes in GDP reflect inflation, population increase and real
economic growth, GDP also captures the
costs of providing a given level
of public services.
Important factors that may affect the Company's business and operations and that may cause actual results to differ materially from those in the forward - looking statements include, but are not limited to, operating in a highly competitive industry; changes in the retail landscape or the loss
of key retail customers; the Company's ability to maintain, extend and expand its reputation and brand image; the impacts
of the Company's international operations; the Company's ability to leverage its brand value; the Company's ability to predict, identify and interpret changes in consumer preferences and demand; the Company's ability to drive revenue
growth in its key product categories, increase its market share, or add products; an impairment
of the carrying value
of goodwill or other indefinite - lived intangible assets; volatility in commodity, energy and other input
costs; changes in the Company's management team or other key personnel; the Company's ability to realize the anticipated benefits from its
cost savings initiatives; changes in relationships with significant customers and suppliers; the execution
of the Company's international expansion strategy; tax law changes or interpretations; legal claims or other regulatory enforcement actions; product recalls or product liability claims; unanticipated business disruptions; the Company's ability to complete or realize the benefits from potential and completed acquisitions, alliances, divestitures or joint ventures;
economic and political conditions in the United States and in various other nations in which we operate; the volatility
of capital markets; increased pension, labor and people - related expenses; volatility in the market value
of all or a portion
of the derivatives we use; exchange rate fluctuations; risks associated with information technology and systems, including service interruptions, misappropriation
of data or breaches
of security; the Company's ability to protect intellectual property rights; impacts
of natural events in the locations in which we or the Company's customers, suppliers or regulators operate; the Company's indebtedness and ability to pay such indebtedness; the Company's ownership structure; the impact
of future sales
of its common stock in the public markets; the Company's ability to continue to pay a regular dividend; changes in laws and regulations; restatements
of the Company's consolidated financial statements; and other factors.
The Trump Administration argues that the plan will generate much faster
economic growth that will offset much
of the
cost of the plan.
Important factors that may affect the Company's business and operations and that may cause actual results to differ materially from those in the forward - looking statements include, but are not limited to, increased competition; the Company's ability to maintain, extend and expand its reputation and brand image; the Company's ability to differentiate its products from other brands; the consolidation
of retail customers; the Company's ability to predict, identify and interpret changes in consumer preferences and demand; the Company's ability to drive revenue
growth in its key product categories, increase its market share or add products; an impairment
of the carrying value
of goodwill or other indefinite - lived intangible assets; volatility in commodity, energy and other input
costs; changes in the Company's management team or other key personnel; the Company's inability to realize the anticipated benefits from the Company's
cost savings initiatives; changes in relationships with significant customers and suppliers; execution
of the Company's international expansion strategy; changes in laws and regulations; legal claims or other regulatory enforcement actions; product recalls or product liability claims; unanticipated business disruptions; failure to successfully integrate the business and operations
of the Company in the expected time frame; the Company's ability to complete or realize the benefits from potential and completed acquisitions, alliances, divestitures or joint ventures;
economic and political conditions in the nations in which the Company operates; the volatility
of capital markets; increased pension, labor and people - related expenses; volatility in the market value
of all or a portion
of the derivatives that the Company uses; exchange rate fluctuations; risks associated with information technology and systems, including service interruptions, misappropriation
of data or breaches
of security; the Company's inability to protect intellectual property rights; impacts
of natural events in the locations in which the Company or its customers, suppliers or regulators operate; the Company's indebtedness and ability to pay such indebtedness; tax law changes or interpretations; and other factors.
After almost a decade
of slow
growth, we may finally be returning to what one might call «the old normal»: faster
economic growth coming together with the return
of increasing
costs, inflation, rising interest rates, and greater volatility.
As expected, among the most enthusiastic cheerleaders
of the reform are members
of Trump's inner circle, including
economic adviser Gary Cohn and Treasury Secretary Steven Mnuchin, who insists that the
economic growth that results from the tax cuts will sufficiently self - finance the
costs of the tax cut.
Gold markets, in other words, could be forecasting slower
economic growth as a result
of higher borrowing
costs.
Efficiency innovations sustain
economic growth by producing efficiencies and reducing
costs while market - creating innovations produce incremental
economic growth through the development
of new products, services and industries that subsequently proliferate.
Weak
economic conditions in the past couple
of years have seen
growth in labour
costs slow to 2 1/2 per cent over the year to the December quarter, from 3 1/2 per cent a year earlier.
Prices will fall, and the consequences will be not depression or stagnation, but prosperity (since
costs are falling, too),
economic growth, and the spread
of the increased living standard to all the consumers.»
It's unfortunate for those who lament the rising
costs of property in Greater Vancouver that the pressures
of the capitalist
economic system also weigh in against slowing down the accelerated
growth and demand.
On the other side
of the debate, the Canadian Federation
of Independent Business has argued that requiring employers to pay higher CPP premiums would
cost jobs at a time
of slow
economic growth.
Does the data above cry out for a rate increase to moderate
economic growth and make the
cost of money more expensive?
In one illustrative example from the Congressional Budget Office (CBO), at best one - quarter
of the
cost of a broad - based cut in individual rates could be offset by
economic growth over a decade, and even that assumes future tax increases will ultimately be enacted to stabilize the long - term fiscal picture.
At worst, CBO finds the
cost of a tax cut would increase as higher debt slowed
economic growth.
While «outsourcing» for low -
cost labour may have motivated outward investment in the last decade, the new driver
of investment is clearly domestic
economic growth in Asia.
Republicans haven't seemed to care about the deficit impact
of their tax bill, claiming the tax bill would unleash unprecedented
economic growth that would offset possibly all
of the bill's
cost.
This research area covers the evaluation
of the
costs and benefits
of capital projects
of Canadian governments, such as roads, ports or public utilities,
of financing modes for such projects, such as public - private partnerships, and the contribution
of public infrastructure to
economic growth.
On its own, however, faster
economic growth will not do enough to reduce unemployment significantly, unless it is accompanied by moderation in
growth of labour
costs.
In any
of these cases, a tendency for
costs to rise limits the speed
of short - term
economic growth which is consistent with inflation control, and is therefore detrimental to unemployment performance.
«TPP withdrawal will slow U.S. [
economic]
growth,
cost American jobs, & weaken U.S. standing in Asia / world,» said Richard Haas, president
of the Council on Foreign Relations, said in a tweet early Monday.
Consider a partial list
of developments since just World War II: a broad national decline in denominational loyalty, changes in ethnic identity as hyphenated Americans enter the third and subsequent generations after immigration, the great explosion in the number
of competing secular colleges and universities, the professionalization
of academic disciplines with concomitant professional formation
of faculty members during graduate education, the dramatic rise in the percentage
of the population who seek higher education, the sharp trend toward seeing education largely in vocational and
economic terms, the rise in government regulation and financing, the great increase in the complexity and
cost of higher education, the development
of a more litigious society, the legal end
of in loco parentis, an exponential and accelerating
growth in human knowledge, and so on.
To argue that we should proceed with the
economic growth that hastens the global warming in order to pay the
costs of response rings completely hollow in ecological perspective.
But the advice given by leading economists to the United States government has been to emphasize policies that lead to
economic growth so that we will be in position to pay the
costs of global warming as they arise.
The
costs of which I have spoken are paid, but at least in some countries the desired
economic growth has also occurred with one segment
of the population profiting impressively.
My view is that, whatever the technological possibilities, we should not pursue
economic growth when the
cost of doing so exceeds the
economic benefit gained from the
growth.
My own contribution to the discussion
of limits has been to put the question in terms
of the
economic costs of growth.
The
economic growth at which it aims is at the
cost of the natural resources
of the planet.
Gandhi's ethical vision
of democracy seems more persuasive as the social
costs of the obsession with
economic growth become intolerable.