ECON 2010 Chapter : Chapter 11 Notes
Document Summary
Economic growth over time & around the world: industrial revolution the application of mechanical power to the production of goods, beginning in. England around 1750: before this time, history will note advanced societies, technological breakthroughs, & other 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. It assumes technology creates an incentive to invest. Because of the beneficiaries of r&d may include those who did not invest, companies may not fully invest as the returns might suggest. Can increase the number of workers who have technical training. 60"s & 70"s leading to declines witnessed in the 70"s: all industrialized nations experienced the slowdown, however. Period of massive stagnant behavior in the 70"s.
