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Technology shocks are sudden changes in technology that significantly affect economic, social, political or other outcomes. [1] In economics, the term technology shock usually refers to events in a macroeconomic model, that change the production function. Usually this is modeled with an aggregate production function that has a scaling factor.
GDP does not include several factors that influence the standard of living. In particular, it fails to account for: Externalities – Economic growth may entail an increase in negative externalities that are not directly measured in GDP. [81] [82] Increased industrial output might grow GDP, but any pollution is not counted. [83]
Even the shaman's potions and sacred objects can be said to have involved some technology. So, from the very beginnings, technology can be said to have spurred the development of more elaborate economies. Technology is seen as primary source in economic development. [8] Technology advancement and economic growth are related to each other.
Gross domestic product, or GDP, represents the total value of all goods and services produced within a country during one year. Depending on the report, one year can be either one fiscal year or ...
Technology growth and efficiency are regarded as two of the biggest sub-sections of total factor productivity, the former possessing "special" inherent features such as positive externalities and non-rivals which enhance its position as a driver of economic growth. [citation needed]
Economists interested in long-run increases in output study economic growth. Advances in technology, accumulation of machinery and other capital, and better education and human capital, are all factors that lead to increased economic output over time. However, output does not always increase consistently over time.
The Bureau of Economic Analysis's advance estimate of third quarter US gross domestic product (GDP) showed the economy grew at an annualized pace of 2.8% during the period, below the 2.9% growth ...
This measure of technological innovation is widely used in empirical research, since it does not rely on the assumption that only technology affects long-run productivity, and fairly accurately captures output variation based on input variation. However, there are limitations with direct measures such as R&D.