One of those implications is that the increasing shortage of labour over the past few years has led to very quickly rising wages and better working conditions.
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The impressive 22% they scored in 2005 owed much to disaffection with Labour over the Iraq war and to a Tory party that was still unattractive to high-minded floating voters.
The Lib Dems hope that in Labour-held Bristol West, which is one of the few three-way marginal seats, an affluent, well-educated and left-leaning electorate will desert Labour over the war.
Labour had over 400, 000 members by the end of 1996, and the Conservatives maybe 350, 000.
The fall in unit labour costs over the past few years temporarily boosted profits.
Labour won over half the vote then, outpolling the Tories by 17 percentage points.
As productivity rose wages did not, thus lowering unit labour costs over time.
When Labour took over, more than 5m working-age adults subsisted on state benefits.
It is as important as Adam Smith recognising the scale and profitability potential of specialised labour, over two hundred years ago.
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Temporary and part-time workers, with little training and few career prospects, have increased from one-fifth to one-third of the labour force over the past 20 years.
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Perhaps surprisingly, there is little work on the macroeconomic effect of all the extra women who have entered the labour force over the past four decades, but McKinsey reckons that America's GDP is now about 25% higher than it would have been without them.
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