Econ 114-Lecture 12

Econ 114-Lecture 12 - Econ 114 Announcements Chapters 11...

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Econ 114
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Announcements Chapters 11 and 12
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Differential Technological Progress Complements (bread and cheese): New technologies raise the share of employment/spending of the less productive sector. Substitutes (butter and margarine): New technologies raise the share of employment/spending of the more productive sector. Goods/Services: Levi’s jeans 13 times a haircut in 1927. In 1997, only 3 times more
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Road Map Proximate causes of income differences Dactor accumulation Capita (Solow Model)
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Space Race Space exploration roughly from 1957 to 1975 Sputnik 1, October 1957 was the first artifical satellite to orbit the earth Laika (first dog), Yuri Gagarin (First in space) Socie pro
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Nuclear Arms Race The US dropped two bombs on hiroshima and nagasaki in 1945 First soviet bomb was detonated on August 1949
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Economic Factors were about the same, technologies too, but yet the economy was a disaster Lower income per capita Central planning model bureaucrats determining which goods to produce instead of allowing prices to do their job Since process were not used queues and rationing were common ( as the add codes in class!) Incentives were also misaligned low quality……
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Central Planning One way to assign
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