There are some concerns that technological progress can lead to an increase in unemployment. Explain the two related but separate dimensions of technological progress
What will be an ideal response?
First, TP allows for a greater quantity of goods produced with the same inputs. Second, TP results in the production of new goods and the disappearance of old ones.
Economics
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The original work on the application of the time inconsistency problem in macroeconomics is due to
A) Milton Friedman and Robert Lucas. B) Michael Hutchinson and Carl Walsh. C) Finn Kydland and Edward Prescott. D) Robert Barro and Donald Gordon.
Economics
Explain why in the case of economies of scope the production possibility frontier is bowed outward
What will be an ideal response?
Economics