Chapter 6: Problem 19
What do economists mean when they refer to improvements in technology?
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Key Concepts
These are the key concepts you need to understand to accurately answer the question.
Chapter 6: Problem 19
What do economists mean when they refer to improvements in technology?
These are the key concepts you need to understand to accurately answer the question.
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Get started for freeHow is the concept of technology, as defined with the aggregate production function, different from our everyday use of the word?
Explain what the Industrial Revolution was and where it began.
Why does productivity growth in high-income economies not slow down as it runs into diminishing returns from additional investments in physical capital and human capital? Does this show one area where the theory of diminishing returns fails to apply? Why or why not?
Education seems to be important for human capital deepening. As people become better educated and more knowledgeable, are there limits to how much additional benefit more education can provide? Why or why not?
What policies can the government of a free-market economy implement to stimulate economic growth?
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