Abstract
Empirical work on neoclassical growth models led to the recognition that technological progress is the dominant factor in the growth of per capita income. This led the economic profession to explore four questions: (i) How important is technological and technical progress in the process of economic growth? (ii) What is the cause of technical progress - is it exogenous or endogenous to the economic system? (iii) How is technological change transmitted into technical progress in the macroeconomy? and (iv) If technical progress can be classified as labor saving, neutral or capital saving, is there any systematic bias in an economy towards any particular kind of technical progress and, if so, why? (Jones, pp. 154-5).KeywordsEighteenth CenturyTechnical ProgressAverage Growth RateGlobal CompetitionIntegration FigureThese keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.
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