Technological Change and Productivity Growth†
1. INTRODUCTION
Productivity growth is vital to economic well-being because it enhances standards of living and the quality of life. It improves production efficiency, which in turn enhances the competitive, financial and military position of a nation within the international community. It increases income, which potentially then can be reallocated toward improving conditions of social concern such as environmental pollution or poverty, and thereby enhancing quality of life. Productivity advances ameliorate inflationary pressures and thereby help establish economic stability. And, productivity growth stimulates market competition within ...
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