Search results
Results from the WOW.Com Content Network
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.
Microeconomic reform is the implementation of policies that aim to reduce economic distortions via deregulation, and move toward economic efficiency. However, there is no clear theoretical basis for the belief that removing a market distortion will always increase economic efficiency.
Second, increased energy efficiency increases real incomes and leads to increased economic growth, which pulls up energy use for the whole economy. At the microeconomic level (looking at an individual market), even with the rebound effect, improvements in energy efficiency usually result in reduced energy consumption. [ 18 ]
This movement of resources from lower- to higher-productivity activities is a key driver of economic development. [3] Within-sector productivity growth (also called ′sector transformation') entails the adoption of new technologies and management practices that increase the efficiency of production.
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]
Workplace Technology and Automation Workplace technology and automation involve the integration of technological solutions and automated processes to streamline tasks and workflows. This can significantly impact workforce productivity by reducing manual labor, minimizing errors, and accelerating processes.
In dynamic efficiency, [2] it is impossible to make one generation better off without making any other generation worse off. It is closely related to the notion of "golden rule of saving". In relation to markets, in industrial economics, a common argument is that business concentrations or monopolies may be able to promote dynamic efficiency. [3]
The digital economy is a portmanteau of digital computing and economy, and is an umbrella term that describes how traditional brick-and-mortar economic activities (production, distribution, trade) are being transformed by the Internet and World Wide Web technologies.