In this capital-allocation popularity contest, in which investors try to maximize the efficient use of capital, the U.S. is treated like a cow to be milked.

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Many utilities lack the depth of data needed to implement more cost-effective asset-management systems like condition-based monitoring and maintenance methods, which utilities in Europe and Asia are adopting to enhance the efficient use of capital and reduce operations and maintenance costs.

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And as shareholders and future pensioners, they stand to gain from a more efficient use of global capital.

ECONOMIST: The rich nations no longer dominate global production

Between 1986 and 1991, total factor productivity the increase in output due to more efficient use of inputs such as labour and capital in Taiwan's electrical-machinery industry rose 23.6%.

ECONOMIST: The flexible tiger

More likely, however, the U.S. savings gap (one of Roach's big scare points) is part of a larger economic or data phenomenon that no one has quite figured out. (Our bullish columnist David Malpass seems ahead on points.) America's growth engine keeps going because lots of capital is available, and at least some of it is being put to more efficient use.

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Growth can be generated either by increased inputs of capital and labour or by more efficient use of those inputs as a result of new technology or better management.

ECONOMIST: Catch up if you can

The venture capitalist or private equity specialist must study and comprehend how best to allocate pools of capital (savings) to their most productive, efficient and profitable use.

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