Technological Advances and Economic Progress: Short-Run and Long-Run Adjustments
Economists, historians, political scientists, and sociologists generally agree that technology and innovation have been major forces in shaping human destiny. The discovery of grain cultivation, for example, is responsible for agricultural surplus enabling the existence of urban society. The introduction of gun powder was a major factor in terminating feudalism in Europe. The printing machine helped Luther in the Reformation. While innovation may have been an unsystematic process in the past, the scientific revolution has changed all that. Studies on the relationship between scientific effort and technological innovation indicate that the creative scientific endeavors are increasingly being harnessed to serve productive activity.
KeywordsAggregate Demand Industrial Robot Robotic Technology Unit Production Cost Energy Shock
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