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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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This note was uploaded on 01/19/2012 for the course CIT 230 taught by Professor Staff during the Fall '08 term at Oakland University.
- Fall '08