1
What is the fundamental building block of an economic system?
A fundamental building block of an economic system is a network of production technologies that transform primary inputs such as labor and capital into goods and services.
Technology and Economic Growth
- 20 soru-cevap
- Economıcs of Scıence Technology and Innovatıon (ENG)
2
What are the main indicators of economic growth?
Real GDP per capita or any other measure of living standards is growing in time is an main indicator of economic growth.
3
What is the definition of technology according to Mokyr?
the manipulation of nature for human material gain
4
What are the two crucial properties of ideas and knowledge in the context of endogenous technology and imperfect competition?
Two crucial properties of ideas and knowledge that give them public good characteristics played a major role in shaping the growth economists’ vision in the context of endogenous technology and imperfect competition. These are nonrivalry and partial excludability.
5
What are the examples of highly excludable rival goods or services?
Private school education
Luxury cars
High-end electronics
6
What is "clean air" in terms of goods/service?
Clean air is nonrival goods/service
7
Who are independently developed a model where productive capacity and effective demand interact and change in time?
Roy Harrod and Evsey Domar.
8
How is the fundamental equation of the Solow model?
∆k = sy – dk = skα – dk
a fixed fraction s ϵ (0, 1) of GDP per worker is allocated to investment, and a fixed fraction d ϵ (0, 1) of existing capital stock depreciates per unit of time. Accordingly, the total change in the stock of capital per worker, denoted by ∆k
9
In Solow model, if capital stock per worker is equal to k* , then GDP per worker equals to what?
Per worker is also equal to a constant and finite number: y* = f (k* ) .
10
In terms of Solow's model; capital accumulation ....... the source of long-run economic growth?
What is correct answer for the blanks?
Capital accumulation cannot be the source of long-run economic growth.
11
What concepts are Schumpeter is best known?
Schumpeter is best known for his thoughts and theories on innovation, entrepreneurship, and economic evolution.
12
Who are the mainstream growth economists rediscovered Schumpeter and developed Schumpeterian growth?
In the early 1990s, mainstream growth economists such as Paul Romer, Philippe Aghion, and Peter Howitt rediscovered Schumpeter and developed Schumpeterian growth.
13
According to Aghion (2018), what are three the Schumpeterian foundations of mainstream growth economics?
- Technological innovation as the main source of long-run economic growth
- Entrepreneurship and R&D as the main mechanisms behind technological innovation
- Creative destruction (or the business-stealing effect) as the main political economy consequence of technical change
14
Who developed the Manhattan Metaphor model?
The Manhattan Metaphor model developed by Peretto and Connolly
15
What are the general features of dynamic general equilibrium models?
All of these models have (i) environments characterized by a given set of preferences (or utility functions), (resource) endowments, and technologies, (ii) ownership and market structures as well as institutions, and (iii) market-clearing assumptions that close the model for an equilibrium.
16
What are the examples of General Purpose Technologies in 21. century?
Nanotechnology, Smartphones , Artificial Intelligence
17
What is productivity paradox?
The idea that productivity growth may slow down in an economy that witnesses drastic technical advances or a new technological revolution.
18
What are primary inputs in task-based framework?
Land, buildings, vehicles, machines other than computers ,human workers with different skills, computers tools and equipment computer software self-operating machines.
19
What is marketing in terms of task-based framework?
Marketing is production task.
20
According to Acemoglu and Restrepo, what is definition of automation?
“Automation corresponds to the development and adoption of new technologies that enable capital to be substituted for labor in a range of tasks.”