Question

What do you understand by technical progress? What is the relationship between technical process And growth of total factor productivity? Discuss the various conceptions of neutral technical progress as put forward by hicks harrod and solow?

Answer 1

Answer:

Technological progress refers to the discovery of new and improved methods of producing goods. 

The productivity of combined inputs of all factors is called total factor productivity. Thus technological progress means increase in total factor productivity. As a result of technological advance, it becomes possible to produce more output with same resources or the same amount of product with less resource.

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