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Decomposing increase in output into that due to technology and that due to increase in capital (click to enlarge)
Decomposing increase in output into that due to technology and that due to increase in capital (click to enlarge)
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Productivity lowered the cost of most items in terms of work time required to purchase. Real food prices fell due to improvements in transportation an
Productivity lowered the cost of most items in terms of work time required to purchase. Real food prices fell due to improvements in transportation and trade, mechanized agriculture, fertilizers, scientific farming and the Green Revolution.
The marginal costs of a growing economy may gradually exceed the marginal benefits, however measured.
The marginal costs of a growing economy may gradually exceed the marginal benefits, however measured.