ECON-2120 Lecture Notes - Lecture 2: Biostatistics, Frictional Unemployment, Typewriter

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New ideas are what is needed for output to continue growth: economic growth, there are two types of growth, catch-up growth: takes advantage of ideas, technologies, or methods of management already in existence. Mimicking ideas produced by other countries: cutting-edge growth: developing new ideas. Ideas are ways that we combined what we know exists in new and different ways. It can be argued, i(cid:374)(cid:448)e(cid:374)to(cid:396)s (cid:374)eed (cid:862)p(cid:396)ote(cid:272)tio(cid:374)(cid:863) so thei(cid:396) ideas do (cid:374)ot get (cid:272)opied. Ideas and innovations tend to flourish when institutions support their development. I(cid:374)stitutio(cid:374)s that p(cid:396)ote(cid:272)t (cid:862)i(cid:374)telle(cid:272)tual(cid:863) p(cid:396)ope(cid:396)t(cid:455) (cid:396)ights: open markets: allows developers to sell products to anyone around the world, high quality educational system. Ideas a(cid:396)e like (cid:862)(cid:396)e(cid:272)ipes(cid:863): technological knowledge: a way of getting more output form the same inputs (it is an increase in productivity). Ideas provide ways to combine inputs to produce existing goods at a lower cost (process innovation). Ideas provide way to combine inputs to produce entirely new goods (product innovation).

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