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Econ 114-Lecture 9

Econ 114-Lecture 9 - Econ 114 Lecture 9 Productivity and...

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Econ 114: Lecture 9 5/2/2011
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Productivity and Technology Productivity m
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Technology creation Creation by “accident” Newton’s Theory of gravitation (kind of) Learning by doing US Shipyards during WWII Intentional decisions on R&D
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Learning By Doing Extra productivity that comes from doing one thing over and over. Specialization as a form of technological change (pick
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Liberty Ships US shipyards during WWII and man hours per vessel Experience made workers more productive. Similarly with many other activities (training in sports for example)
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Deliberate Effort Research and development aimed at maximizing profits from firms or by the government.
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Technology Not as tangible as capital…more like Ideas non rival only partially excludable No definition is precise but examples are better illustrations
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Rival Goods CD Player: My use of a CD player excludes your use of the same CD player Dr’s Appt at 2 Add codes for Econ 114 MOST economic goods are rival: The use by one person prevents the use by another person.
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Non Rival Goods TV or radio: turning on my TV on doesn’t prevent the TV in another consumers house from working
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