His calculation assumes some increase in relative demand from abroad.
First, the premium for skilled workers has been falling: a surge in secondary education has increased the supply of literate, reasonably well-schooled workers, and years of steady growth have raised relative demand for the less skilled in the formal workforce, whether as construction workers or cleaners.
In a paper presented to the conference, they showed that those sectors and demographic groups that contributed most to the rise in unemployment in 2007-09 also contributed most to its decline in 2009-12, which suggests that shifts in relative demand for workers could not explain the high level of unemployment.
High unemployment results from a wage structure that is too high relative to demand.
When immigration increases, physical skills become more plentiful relative to demand, but language skills become more scarce.
In other words, government services are not subject to market pricing, leaving no way to gauge relative consumer demand.
Also, aluminum inventory continues to remain high relative to demand, keeping a further lid on London Metal Exchange prices for aluminum.
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But the numbers show that there is a very large deficit in silver production relative to demand, which is why Buffett went in.
Also, aluminum inventory continues to remain high relative to demand.
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One factor that might explain falling prices is the persistently high aluminum inventory relative to demand, which may be keeping a lid on London Metal Exchange prices for aluminum.
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It depends on the relative inelasticity of demand (insensitivity to price) for the various services.
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Experienced managers are in short supply relative to the huge demand.
The driving-force of current-account balances is relative rates of growth in demand.
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Word from a variety of sources, including MasterCard and the EIA that gasoline demand has fallen relative to its levels of last year.
For the government, judging the relative importance of sterling, domestic demand, and how close the economy is to capacity, will be unusually tricky.
The problem is the potentially explosive growth in demand for transport worldwide and the relative paucity of obvious technological fixes.
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But for supply to create its own demand, markets must be free to determine relative prices, including interest rates.
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Broadly, instead of using simple supply and demand, it explains changes in the demand for one asset (a small silver coin, say) relative to another (a large coin) in terms of changes in the rate of return that the holder of the assets can expect from each.
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Its domestic demand (and particularly household demand) is already playing a much bigger role in driving growth, relative to the export sector, than it used to.
The increasing purchasing power of its population, and pent-up demand for goods, is an important factor in its solid economy and relative protection from the woes of the world.
Even more to the point of the escalating demand for Super Bowl advertising is that companies having been willing to pay more relative to the share share of viewers.
This dynamic feeds off itself, because as secondary bonds rise on stronger buying, relative value for new issues improves, which makes pricing come down, which stimulates greater demand and so on.
For those targeting domestic consumers, the rethink should be even more radical as demand for sports shoes, edgy fashions and electronic gadgets may start to decline in relative and, eventually, absolute terms.
Surplus countries should allow and reinforce expansion in their domestic economies to stimulate demand for imports while deficit countries were supposed to tighten domestic conditions and policies to stimulate exports relative to imports.
Given the steady demand for index and ETF put options that have accompanied the rally, put premiums have risen considerably relative to call premiums, driving the VIX to a substantial premium relative to SPX historical volatility.
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For instance, when guaranteeing home loans, Freddie Mac and Fannie Mae, America's giant mortgage companies, could be required to demand higher down-payments as a proportion of the purchase price, the higher house prices are relative to rents.
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