Discuss the various conceptions of neutral technical progress as put forward by hicks, harrod and solow?
Answers
Answer:
It is this which measures technical progress. Solow has shown that the Harrod's neutrality can be purely capital augmenting technical progress with production function. ... It is Harrod-neutral if with given labour force, capital increases in the same proportion as national output and distribution of income is the same...
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Answer:
Embodied Technical Progress: improved technology which is exploited by investing in new equipment. New technical changes made are embodied in the equipment. Disembodied Technical Progress: improved technology which allows increase in the output produced from given inputs without investing in new equipment.Harrod-Neutral Technical Progress. Improvements in technology that increase the efficiency of labor. That is, harrod-neutral technical progress allows producers to make more with less. This generally results in lower expenses and, on a large scale, it can spur economic growth.
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