Investment-specific technological progress refers to progress that requires investment in new equipment and structures embodying the latest technology in order to realize its benefits.
Read more about Investment-specific Technological Progress: Introduction, Importance, A Simple Example: The Microwave Oven, How Do You Measure Investment-specific Technological Progress?, Conclusion
Famous quotes containing the words technological progress and/or progress:
“The Church welcomes technological progress and receives it with love, for it is an indubitable fact that technological progress comes from God and, therefore, can and must lead to Him.”
—Pius XII [Eugenio Pacelli] (1876–1958)
“[O]ur people are steadily increasing their spending for higher standards of living ... the slogan of progress is changing from the full dinner pail to the full garage.”
—Herbert Hoover (1874–1964)