Unit labor cost (ULC) is defined as labor compensation per value added. It captures the cost competitiveness of industries and countries. As labor compensation is wage multiplied by hours worked or number of people employed, it is easy to show that ULC is wage divided by labor productivity....

Economic theories explain the economic growth affected by accumulation of production factors and increase in productivity and efficiency. Traditional growth theories focus on the first factor where in developing countries, and especially due to the low input of capital, serious problems arise in...

The objective of this study is to endorse the driving factors behind total factor productivity (TFP) and economic growth in Pakistan. Pakistan’s average growth rate is 5% for last few decades, and although this growth level is satisfactory, Pakistan faced several formidable challenges yet. The...