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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.
Market intervention by government Government intervenes in various degrees in different countries. Free economy is almost non-existent in the modem world. In real world, the form,
demand curve
How does the PED and PES of commodities affect producers in developing countries? Explanation of PED (formulaic) Definition of PED outlining commodities as having lo
1. Seller has ample time to adjust to price change. 2. Buyer's response to small price change is significant. 3. Buyers are faced with many options when deciding to make a
LONG PERIOD ANALYSIS: Long period refers to a time when all the factors are variable. Earlier in the short period analysis, we had considered capital (K) to be fixed factor. H
Question: (a) Assume a firm operates in one location but serves on two distinct markets, namely, 1 and 2. The demand functions are: Market 1: P1 = 40 - 0.3 Q1 Market 2:
explain the relationship between scarcity,choice and opportunity cost
application of indifference curve analysis to the problem of exchange
Below are the two estimated cost functions. describe what type of data was most likely used to estimate each one and why. Explain which is a short- run function, determine the leve
why is the concept of elasticity crucial to the study of economics?
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