ECON 105 Chapter Notes - Chapter 7: Rhetorical Question, Diminishing Returns
Jerrald Glaser
Western civilization
QUESTIONS FOR THOUGHT
1. A modern jet airliner does pretty much the same thing as an airliner from the 1960s: it gets you there from here,
i aout the sae tie. Where’s the tehologial progress?
Boeings present day airliners may looks much similar to those made on the 60’s but much
technological progresses have been made since then, with the more efficient engines and small
aerodynamic changes, we have progress of the good. For the progress in services of the present
day jetliners we have a selection of Movies/music, snacks/drinks and even a warm towel if
needed. Page 251 points out that this type of progress is not always flashy.
It’s important to realize that the economically important technological progress need not be
flashy or rely on cutting edge science. (Wells 251)
2. Do sietifi adaes pla a role i the progress e’e desried? Eplai.
On page 258 we find that:
“Scientific advances make new technologies possible.” (Wells 258)
The authors go on to mention things like the semiconductor chip are at the core of all
modern information technology, but science is not the only thing needed, it needs to be put to
good use which sometimes takes a lot of Research and development. (259)So I believe based on
what the text says that scientific advances do in fact play a role in the progresses described but
it’s not the only thing playing a role.
3. Some travelers complain that the flight experience has gone downhill. Does this refute the claim of
technological progress?
Some travelers might complain of the flight experience going down but this is due to a direct
reflection of the technological progress made by Boeing. On page 252 of the text we find that
more physical capitol leads to Higher GDP but may also bring diminishing returns. To me, this
suggests that on paper, the returns for Bowing are only diminishing but to travelers this may
actually seem like the flight experience has gone down. The authors use an example of a
$40,000 tractor being able to do double work than that of a $20,000 tractor, but this is false
because the difference in not having a tractor to begin with is much more different (in
productivity) than having just a cheap tractor, then the difference is just a bit less (in
productivity) between the cheap tractor and the more expensive one. What the travelers need to
realize is: How would they feel if they didn’t have a jet liner to complain about at all? –
rhetorical question
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Document Summary
Boeings present day airliners may looks much similar to those made on the 60"s but much technological progresses have been made since then, with the more efficient engines and small aerodynamic changes, we have progress of the good. For the progress in services of the present day jetliners we have a selection of movies/music, snacks/drinks and even a warm towel if needed. Page 251 points out that this type of progress is not always flashy. It"s important to realize that the economically important technological progress need not be flashy or rely on cutting edge science. (wells 251) Scientific advances make new technologies possible. (wells 258) Some travelers complain that the flight experience has gone downhill. Some travelers might complain of the flight experience going down but this is due to a direct reflection of the technological progress made by boeing.
