Unformatted text preview: given quantity of inputs-Main Sources of Technological Change 1. Better machinery 2. Increase in Human capital – the accumulated knowledge and skills that workers acquire from education and training or from their life experiences 3. Better means of organizing and managing production -Per-Worker Production Function – the relationship between real GDP per hour worked and capital per hour worked, holding the level of technology constant Technological change helps economies avoid diminishing returns to capital-New Growth Theory – a model of long – run economic...
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- Fall '08
- Economics, technological change