Investment-specific Technological Progress

Investment-specific technological progress refers to progress that requires investment in new equipment and structures embodying the latest technology in order to realize its benefits.

Read more about Investment-specific Technological ProgressIntroduction, Importance, A Simple Example: The Microwave Oven, How Do You Measure Investment-specific Technological Progress?, Conclusion

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Investment-specific Technological Progress - Conclusion
... In the second section it was mentioned that "investment-specific" technological change is important since it will affect production (both in quality and size) ... An important question then is, just how much "bang for your buck" do you get with "investment-specific" technological change? The answer is quite astounding economists have found that 37% of growth in US output (producti ... half (37% + 15% = 52%) of the growth of the US economy is due to "investment-specific" technological change (Gort et al ...

Famous quotes containing the words technological progress and/or progress:

    The Church welcomes technological progress and receives it with love, for it is an indubitable fact that technological progress comes from God and, therefore, can and must lead to Him.
    Pius XII [Eugenio Pacelli] (1876–1958)

    pity this busy monster, manunkind,

    not. Progress is a comfortable disease:
    —E.E. (Edward Estlin)