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Policies for Technological Advance
Without better technology, increases in capital stock generated by investment rapidly run into diminishing returns. And without improvements in 'technologies' of government, organization and education, productivity stagnates.
Somewhat unexpectedly, economists have relatively little to say about what governs technological progress. Why did better technology raise living standards by 2% yearly a generation before though by less than 1% today? Why did technology progress by only 0.25% per year in the early 1800s? Improving literacy, research, and communications and development can help explain faster progress since than before industrial revolution and faster progress in twentieth than in the nineteenth century. Yet as significant a feature of recent economic history as the post-1973 productivity slowdown remains largely a mystery.
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different types of production funtion and curve given by different economist
Nature of Expectations in Keynes' Theory : The above discussion on the nature of expectations in Keynes' theory may be summarised as follows: 1) In forming long-term expec
Policies for Technological Advance Without better technology, increases in capital stock generated by investment rapidly run into diminishing returns. And without improvements
Q. Definition of labour force? Labour Force:Total population of working-age people who are willing and able to work and who thus have ‘entered' labour market. Labour force incl
V alue Chain It is the collection of activities within an organization that allows it to compete within an organization. The activities in a value chain can be grouped into
Preference to Non-debt Creating Capital Flows: The most important element of strategy has been the paradigm shift in the attitude towards inflow of capital from abroad. Capit
advantage dis advantage of pure monopoly
The drawbacks of a mixed economy actually depend on how "mixed" it is. For instance, if it is mixed more towards a free-market, there is little regulation (some may see this as a g
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