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6 Pages Topic Notes Year Uploaded: 2024

Introduction • The increasing use of capital goods in production, along with technological progress made possible by increasing knowledge, have been the foundation for rising living standards in the long run. • A country’s economic institutions and policies can be evaluated by their capacity to keep involuntary unemployment low and to sustain increases in real wages. • Technological progress has not created rising unemployment rates. Instead it has raised the lowest wage that firms can pay while still covering their costs. As a result, technological progress expands the resources the firm has to invest in increasing production, and it also incentivizes continued investment. • Creative destruction as a result of technological progress is part of the dynamism of the capitalist economic system

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