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 word progress:
“The glorious dream of full father involvement in infant care will not become a widespread reality overnight. But it can happen, and it eventually will happen,... A lot of progress may take place in a short period of time if we just lighten up, step back, and give the guys a decent chance.”
—Michael K. Meyerhoff (20th century)