Reference no: EM13293296

Economics 339

Economics of Technological Change

Final Exam Review Questions

A selection of questions very similar to the ones below will appear on the final exam.  There will be some choice, but the extent of the choice will not be known until the final exam.  Your answers should be primarily based upon the readings and lecture notes presented in the course.  Be sure to include and define key economic theories, relation-ships, concepts and terms. Include graphs or equations where relevant. Some reference to the historical context will also be expected where appropriate.

Part A -  Answer any ONE of the following questions 

1. How did the video ‘Round Cape Horn’ illustrate economic principles discussed in the course? In what ways did the content of the video influence your think-ing? How did the content contrast, complement or contradict what you have unders-tood about the forces of technological change

2. How did the video ‘King Corn’ illustrate economic principles discussed in the course?  In what ways did the content of the video influence your thinking? How did the content contrast, complement or contradict what you have understood about the forces of technological change . 

3. How did the Gulf of Georgian Cannery and Britannia Shipyard illustrate economic principles discussed in the course?  In what ways did your experience in-fluence your thinking? How did the content contrast, complement or contradict what you have understood about the forces of technological change . 

Part B - Answer any TWO of the following questions

1. How did C. Knick Harley explain the persistence of sailing cargo ships like those on the nitrate trade during the Age of Steam? What are the implications of his findings?

2. How did W. Adams and J.B. Dirlam assess the performance of management in the American steel industry? What were their conclusions? 

3. What is collective invention and how might it contribute to the process of technological change and industrialization? What are the modern parallels?

4. Why was the adoption of coke smelting so slow during the eighteenth century in Britain?

5. What is total factor productivity?  How is it specified in terms of a production func-tion and how is it measured?  Discuss some applications of total factor productivity and explain how the concept is used to answer important questions.

6. In what ways do firm size and market structure influence the pace and contribution of technological change to the economy?

Part B – Answer  any ONE of the following questions 

1. Does technological change provide a “free lunch”?  To what extent does the pace of technological change determine differences in the standard of living?  Are the gains from technological change distributed evenly?  To what extent do the distributional effects of technological change matter?  

2. What determines the impact of technological change on the demand for education or skills? Assess the views about the effects of technology on the labour process.  Com-pare and contrast the views of Braverman, Engerman, Leontieff, Marx, and Mokyr.

3. What are some of the factors that facilitate and motivate invention? Explain the dif-ference between the social and private returns to invention.  Does market structure matter?  Discuss the role of institutions in spurring technological creativity and eco-nomic growth. 

4. Is our carbon-based economy a case of technological “lock-in”?  Is there a way out? Are you optimistic about the extent to which technology will mitigate the possible ef-fects of climate change?  Why or why not? What are the implications of this problem in relation to the social and private returns to invention. 

5. What explains the rise in the productivity and output of corn in the United States during the past century? What are the problems with the way the corn industry in the U.S. operates today? What are its implications for human food supply?  To what ex-tent do these trends represent examples of how technological change contributes to improvements in the well-being of humans, and the role of markets in determining how it does so?