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)
“Met face to face, these Indians in their native woods looked like the sinister and slouching fellows whom you meet picking up strings and paper in the streets of a city. There is, in fact, a remarkable and unexpected resemblance between the degraded savage and the lowest classes in a great city. The one is no more a child of nature than the other. In the progress of degradation the distinction of races is soon lost.”
—Henry David Thoreau (1817–1862)