Which technological innovation proved most important for early-nineteenth-century economic development?

Q: Where will economic growth come from in the future, and what kind of skills will workers need to…

A: Economic growth is the rise in the cost of the products and services an economy produces over time.…

Q: Critically evaluate how happiness is related to economic development. Use Macroeconomics and…

A: Development in an economy is crucial as it leads to the social alteration of an economy.  When the…

Q: What is the difference between the economic development and preserving traditions and cultures…

A: The objective of this question is to understand the difference between economic development and the…

Q: In most cases, wealthy countries have strong institutions that create incentives for economic…

A: This chapter is related to Economic growth. Economic growth is defined as the increase or…

Q: What do you understand by the development model of Arthur Lewis?

A: The development mode of Arthur Lewis is known as the "Lewis Model" or "Lewis dual sector model". It…

Q: Economic theory suggests that we can increase productivity by

A: In economic theory, productivity refers to the output being produced given the input level.

Q: Are liberalized institutions better for economic development

A: The processes that encourage free trade, deregulation, the removal of subsidies, price restrictions,…

Q: Countries that are at the technological frontier must __________ to increase living standards and…

A: Countries that develop new technologies are placed at the top of technological frontier.

Q: Consumers read positive economic news and then expect strong future economic growth

A: In this scenario the consumer spending increases, which helps the economy maintain its boom.

Q: Give two areas economists focus on when judging ‘economic development’.

A: Economic development is basically the long term aspect of rising growth, resources allocation,…

Q: What are the three main sources for economic growth in any economy?

A: Economic growth is an increase in aggregate production in the economy. It is measured by computing…