ECON 2010 Lecture Notes - Knowledge Management, Diminishing Returns, Yazh

Economic growth over time & around the world. England around 1750: before this time, history will note advanced societies, technological breakthroughs, & other. The application of mechanical power to the production of goods, beginning in measures of progress of over time. Economic growth: those nations adopting the modern technologies & transformed methods of the industrial revolution vastly outpaced other societies. England lead (with the us in tandem) the way, & western europe followed next: with the increased investment & aggregate output, living standards rose, too. The two primary drivers for increased productivity are: capital per worker, technological change. Increases in human capital accumulated knowledge: enhanced machinery & equipment. ii, better means of organizing & managing production. worked, holding the level of technology constant, per-worker production function. The relationship between real gdp per hour worked & capital per hour. In the long run, a country will experience an increasing standard of living only if it experiences continuing technological change.