ECON 334 Lecture Notes - Lecture 7: Economic Mobility, Growth Accounting, Technological Change
Document Summary
Shahil shah: october18th, guidelines on tuesday (11th, no class on the 13th, 1st 8 chapters clarks book, paper on industrial revolution and paper on next class, (cid:272)hapter (cid:1007)&(cid:1008) joh(cid:374)"s (cid:271)ook level of riches on ubc library. Technological change: technology changed slowly in the malthusian world, but it was not completely stagnant, england in 1800 was much more technologically advanced than the roman empire, or even than england itself in 1200. I(cid:374) mokyr"s (cid:449)ords, it is the pro(cid:448)er(cid:271)ial free lu(cid:374)(cid:272)h. It is the only way to expand output and consumption without expanding inputs: all economic growth, in per capita terms, must come from either the expansion of factors of production or from technical change. In a world of limited resources, technical change is key. Measuring technical change: te(cid:272)h(cid:374)i(cid:272)al (cid:272)ha(cid:374)ge is (cid:373)easured as the (cid:373)ag(cid:374)itude of a(cid:374) up(cid:449)ard shift i(cid:374) a(cid:374) e(cid:272)o(cid:374)o(cid:373)y"s production function.
