Chapter 09 Flashcards
1
Q
Efficiency of labor
A
A variable in the Solow growth model that measures the health, education, skills, and knowledge in the labor force.
2
Q
Labor-augmenting technological progress
A
Advanced in productive capability that raise the efficiency of labor.
3
Q
Endogenous growth theory
A
Models of economic growth that try to explain the rate of technological change.
4
Q
Creative destruction
A
the process whereby entrepreneurs introduce innovations that rendersw some incumbent producers unprofitable while promoting overall economic growth.
