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Productivity-improving technologies date back to antiquity, with rather slow progress until the late Middle Ages. Important examples of early to medieval European technology include the water wheel, the horse collar, the spinning wheel, the three-field system (after 1500 the four-field system—see crop rotation) and the blast furnace.
The Solow–Swan model or exogenous growth model is an economic model of long-run economic growth.It attempts to explain long-run economic growth by looking at capital accumulation, labor or population growth, and increases in productivity largely driven by technological progress.
Gordon J. Bjork points out that manufacturing productivity gains continued, although at a decreasing rate than in decades past; however, the cost reductions in manufacturing shrank the sector size. The services and government sectors, where productivity growth is very low, gained in share, dragging down the overall productivity number.
Furthermore, if the productivity growth differential persists (that is, the low-productivity-growth sectors continue to see low productivity growth into the future while high-productivity-growth sectors continue to see high productivity growth), then costs in low-productivity-growth sectors will rise cumulatively and without limit.
Increases in productivity lower the real cost of goods. Over the 20th century, the real price of many goods fell by over 90%. [14] Economic growth has traditionally been attributed to the accumulation of human and physical capital and the increase in productivity and creation of new goods arising from technological innovation. [15]
For example, when new technology or new business practices increase the productivity of labor a capitalist already employs, or when the commodities necessary for workers' subsistence fall in value, the amount of socially necessary labor-time is decreased, the value of labor-power is reduced, and a relative surplus value is realized as profit ...
The Biden administration on Tuesday announced new sanctions against Russians accused of producing a bogus video spreading sexual assault allegations against Democratic vice presidential candidate ...
The law of diminishing returns (also known as the law of diminishing marginal productivity) states that in productive processes, increasing a factor of production by one unit, while holding all other production factors constant, will at some point return a lower unit of output per incremental unit of input.