1. Aristotle
Technological change is hard to measure, in order to try and see what is changing economist often measure its effects by the average rate of movement of the production function. ... The changes in output per man-hour are a very inadequate measure of technological change, a better measure is the total productivity index, and this examines changes in output to changes in both labor and capital inputs. This book was written a long time ago and ways of measuring technological change were still very young, there must be new more advanced ways that were not discussed in the book. ...
- Word Count: 1459
- Approx Pages: 6
- Grade Level: Undergraduate