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Technological Progress & Growth (Tech progress & rate of growth…
Technological Progress & Growth
Tech progress & rate of growth
Tech progress & prod func
Dimensions
Lead to larger Q, given larger C & L
Lead to better products
Lead to new products
Lead to larger variety of products
State of tech : Y=F(K,AN)
Reduce number of workers
Increases output (AN = effective labor)
Decreasing rate
Interactions between output & capital
Per effective worker
Investment = private saving rate (constant)
Required investment
Dynamics of capital & output
Effects of saving rate
Determinants of tech progress
Fertility of research process
Appropriability of research results
Patents
Research & Development
Facts of growth revisited
In rich countries since 1985
In China