In farming, just as in anything else, the classical factors of production are land, labour and capital.
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Right at the heart of the EU project is the free movement of goods, services, labour and capital.
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EU's single market, which embodies the Rome treaty's principles of a free flow of goods, services, labour and capital.
In the British case, the industry's share of labour and capital has been on a declining trend since 1990.
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Labour and capital markets as ruthlessly efficient as America's offer more wealth but, for many at least, less economic security.
But labour and capital were diverted into activities, such as law, construction, health and government, that are sheltered from foreign competition.
Britain's growth rate has been disappointing, he says, because its labour and capital markets do not work as well as they should.
Much of it goes into joint ventures with local partners, so Chinese land, labour and capital equipment are put to good use.
What the Fed has done here is look only at the labour and capital shares and then apportion the rest on that basis.
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Instead, it thinks Japan must embrace structural changes: to its tax and banking systems, for instance, and to its labour and capital markets.
Europe's labour and capital markets remain much more regulated than those in America: and European economies are now paying the price for that.
Total factor productivity, which measures how efficiently labour and capital are combined, is only 42% of the level in America, or 82% that in South Korea.
For the majority of German workers, companies' growing willingness to shift production to wherever labour and capital costs are cheapest is a direct threat to their jobs.
Both depend on commodity exports, both trade heavily within the Asia-Pacific region and there is (almost) free movement in trade, labour and capital between the two countries.
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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%.
As resources such as labour and capital are released from intermediate activities into the production of goods, the overall supply of goods will increase and prices will fall.
When it last took in poor countries (Spain and Portugal in 1986), the European Community, as it was then called, was not a single market for goods, services, labour and capital.
Agreed, the United States has markets for labour and capital, an approach to government and all manner of other customs and economic institutions that are peculiarly well-adapted to embracing radical economic change.
America may boast highly efficient labour and capital markets, but these advantages are partly offset by poor primary and secondary education, run-down public infrastructure, and inadequate saving that makes the country dependent on foreign capital.
Europe, too, is not just suffering from an excess of counter-inflationary zeal (at a time when deflation is also a risk) and inappropriate fiscal restraint: fundamental reforms are needed to labour and capital markets in several countries if domestic demand is to grow significantly.
Neither seems ready to talk about the sort of labour and capital market deregulation which proved so successful in Britain, for example, and which the European Union has committed itself to as part of the Lisbon process, aimed at making Europe the world's most competitive region by 2010.
While European governments are so preoccupied with what outsiders see as obscure and even largely irrelevant issues, there seems little hope that they will get to grips with the structural reforms freer labour and capital markets that economists believe are essential if European growth performance is to improve over the medium term.
As product costs include mainly capital and labour, and the capital costs for companies are nearly the same in every country, the real differences are in wages.
But, in pushing through necessary supply-side reforms in taxes, regulations, and capital and labour markets, he faces opposition from within his own party, from trade unions, from a varied array of professional lobbies, and even on occasion from business groups that are threatened by particular changes.
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More broadly, economies tend to grow when they get bigger inputs of labour, capital and technology.
Mr Greenspan is right: Europe does need structural reforms to make its labour, product and capital markets work better.
EU. Mr Blair's proselytising for economic reform a catch-all phrase for reforms to labour, product and capital markets has not, in fact, had much effect.
It depicts Liberal Chancellor of the Exchequer David Lloyd George (1863 - 1945) sitting on the budget and contemplating the building blocks of Capital and Labour, with the caption 'Can it be done?
To prove its determination to get Saadiyat off the ground, it has declared that companies opening offices there will never pay any tax, can repatriate all their profits and capital, can import labour freely and need not take any local partners.
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