29 Oct 2021
Problem 11
Page 314
Section: REVIEW QUESTIONS
Chapter 13: Positive Externalities and Public Goods
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29 Oct 2021
Introduction
In the long term, technological advancements are one of the most important determinants of economic growth. It's because technological advancements enable everyone to produce more goods and services with almost the same set of resources as it ever was. This also helps to expand the economic condition of the economy as a whole. For example, an automated technology invented by a firm can help the business to produce with efficiency and gain private benefit, as well as social benefit in the long run.
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