Technical Progress Function

Technical Progress Function
An economic relation which seeks to explain changes in the level of economic output in terms of the level of technical progress. Rather than looking at economic growth as a form of efficiently allocating inputs, the technical progress function explains economic growth in terms of investment in technological progress.

The production function assumes that, given a preset level of technical progress, output is explained by the level of efficiency by which labor and capital are allocated to production. A technical progress function looks at this production the other way around. Given that inputs are allocated most efficiently, then the technical progress function assets that output is dependent on the level of technical progress. Thus, the greater the level of investment in technical progress over time, the greater the amount of output in the economy.


Investment dictionary. . 2012.

Игры ⚽ Поможем написать реферат

Look at other dictionaries:

  • Technical progress function — The technical progress function is a concept developed by Nicholas Kaldor to explain the rate of growth of labour productivity as a measure of technical progress:The function is described by the following statements:#The larger the rate of growth …   Wikipedia

  • Progress (philosophy) — Historical progress has been a main object of philosophy of history. However, in particular following the Holocaust, the idea and possibility of social progress, which was a main idea of the Enlightenment philosophy, has been more and more put to …   Wikipedia

  • Progress trap — A progress trap is the condition societies experience when, in pursuing progress, human ingenuity inadvertently introduces problems that the society does not have the resources to solve, preventing further progress. Social collapse is often the… …   Wikipedia

  • Technical intelligence — In a pure military context, Technical Intelligence (TECHINT) is intelligence about weapons and equipment used by the armed forces of foreign nations (often referred to as foreign materiel).The related term, scientific and technical intelligence,… …   Wikipedia

  • Technical Education Center Osceola — Infobox School name = Technical Education Center Osceola established = 1994 type = Public secondary accreditation = [http://www.council.org/ Council on Occupational Education (COE)] [http://www.sacs.org/ Southern Association of Colleges and… …   Wikipedia

  • Production function — Graph of Total, Average, and Marginal Product In microeconomics and macroeconomics, a production function is a function that specifies the output of a firm, an industry, or an entire economy for all combinations of inputs. This function is an… …   Wikipedia

  • Valve audio amplifier - technical — Circuitry and performance Characteristics of valves Valves are very high input impedance (near infinite in most circuits) and high output impedance devices. They are also high voltage / low current devices.While valves themselves are described… …   Wikipedia

  • PRONOM technical registry — PRONOM is a web based technical registry to support digital preservation services, developed by The National Archives of the United Kingdom. PRONOM was the first and remains, to date, the only operational public file format registry in the world …   Wikipedia

  • technische Fortschrittsfunktion (TFF) — Technical Progress Function. 1. Begriff: Von Kaldor entwickelte funktionale Beziehung zwischen der Wachstumsrate der ⇡ Kapitalintensität und der Wachstumsrate des Nationaleinkommens pro Kopf, mit der er die in der neoklassischen… …   Lexikon der Economics

  • Okishio's theorem — is a mathematical theorem formulated by Japanese economist Nobuo Okishio. It has had a major impact on debates about Marx s theory of value. Intuitively, it can be understood as saying that if one capitalist raises his profits by introducing a… …   Wikipedia

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”