Understanding the loss of value of assets, equipment, or property due to unforeseeable changes in techniques, tastes, or circumstances.
Capital-Augmenting Technical Progress refers to technological improvements that increase the productivity of capital. This entry explores its history, types, impacts, models, examples, and more.
Disembodied Technical Progress refers to improvements in technical knowledge that increase output from given inputs without needing new equipment. This type of progress is not tied to any specific physical capital.
Detailed exploration of embodied technical progress, where technological improvements are realized through new equipment. Includes historical context, types, key events, models, applicability, examples, related terms, and more.
An exploration of factor-augmenting technical progress, its types, impacts on productivity, and key models in economics.
Growth Accounting is a method used to determine the contribution of each factor of production to the growth of output. This article explores its historical context, types, key events, explanations, models, charts, importance, and applicability.
Harrod-Neutral Technical Progress refers to a type of technical advancement that enhances labour efficiency, leading to a faster increase in labour efficiency units compared to the actual number of workers available. This form of progress is labor-saving and differs from Hicks-neutral technical progress, which boosts the efficiency of all factors proportionately.
Hicks-neutral technical progress refers to a type of technical advancement where the average and marginal products of all production factors increase in the same proportion, maintaining balanced productivity. This concept is fundamental in economics, particularly in the study of growth models and production functions.
Labour-Augmenting Technical Progress refers to technological advancements that increase the effective input of labour in the production process.
Replacement Cost refers to the accounting system where assets are valued and depreciation is calculated based on the cost of replacing buildings and equipment. This method can be complex due to technological advancements and judgment in approximations.
Technical Progress refers to the improvement in knowledge about techniques for production, allowing for increased output from unchanged inputs, the same output from fewer inputs, or the production of new forms of output.
