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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.
Purchasing power parity: When PPP holds, the domestic currency has the same purchasing power at home and in any other country. PPP also implies that a foreign currency will de
Statistical methods are considered to be superior techniques of demand estimation because: a. The element of subjectivity in this method is minimum, b. Methods of es
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Using the Wage Rate and Output per Hour as indicated on the table below, calculate the output per dollar wage and unit labor cost. Then decide on the optimal wage rate for this c
Unemployment Rate A measure of labor force utilization the unemployment rate is equal to the number of people which is unemployed as a percentage of the total labor force.
explain the cobweb model of equilibrium
Problem 1: Any development strategy should put people first; indeed, its very effectiveness should be measured in terms of how it impacts the poor. (a) Describe the link bet
Capitalist Economy: Under capitalist economy factors of production are owned and managed by private entrepreneurs. Production takes place on. the initiative an enterprise of the pe
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