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date: 20 October 2021

technical progress 

Source:
A Dictionary of Economics
Author(s):

Nigar Hashimzade,

Gareth Myles,

John Black

Improvement in knowledge about techniques for production. Such progress may allow more output to be obtained from unchanged inputs, the same output to be obtained from fewer inputs, or new forms of output to be produced which were not previously possible. Technical progress may be embodied or disembodied. If it is disembodied, improvements in productivity are purely due to new knowledge or improved skills, without the need for any new equipment. If it is embodied, exploitation of the new techniques requires investment in new capital equipment or new intermediate products. ... ...

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