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Chapter 20: Q 19. (page 496)

What do economists mean when they refer to

improvements in technology?

Short Answer

Expert verified

They refer to the increase in production may be and many other things.

Step by step solution

01

Step 1. Definition

Technology improvement means any exclusive information, knowledge, trade mystery, programs, designs developed individually or with the partnership of others which increases technological efficiency and effectivity, quality, and reduce costs.

02

Step 2. Explanation

When economists talk about improvement in technology that refers to various improvements like the improvement in production with minimum or fewer costs, they refer to the invention of new technologies and machines, which increases productivity and reduces the costs of production. And when these improved technologies and machines substitute for workers this also is referred to by economists when they are talking about improvement in technology.

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Most popular questions from this chapter

Labor Productivity and Economic Growth outlined the logic of how increased productivity is associated with increased wages. Detail a situation where this is not the case and explain why it is not.

List the areas where government policy can help economic growth.

Would you expect capital deepening to result in diminishing returns? Why or why not? Would you expect improvements in technology to result in diminishing returns? Why or why not?

What sorts of policies can governments implement to encourage convergence?

Assume there are two countries: South Korea and the United States. South Korea grows at 4% and the United States grows at 1%. For the sake of simplicity, assume they both start from the same fictional income level, $10,000. What will the incomes of the United States and South Korea be in 20 years? By how many multiples will each country's income grow in 20 years?
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