Authors libby rittenberg 93
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the quantity and quality of the economy’s factors of production and its
technology are unchanged. Changing these will shift the curve. Anything
that increases the quantity or quality of the factors of production available
to the economy or that improves the technology available to the economy
contributes to economic growth.
Consider, for example, the dramatic gains in human capital that have
occurred in the United States since the beginning of the past century. In
1900, about 3.5% of U.S. workers had completed a high school education.
By 2006, that percentage rose almost to 92. Fewer than 1% of the workers
in 1900 had graduated from college; as late as 1940 only 3.5% had
graduated from college. By 2006, nearly 32% had graduated from college.
In addition to being better educated, today’s workers have received more
and better training on the job. They bring far more economically useful
knowledge and skills to their work than did workers a century ago.
Moreover, the technological changes that have occurred within the past
100 years have greatly reduced the time and effort required to produce
most goods and services. Automated production has become
commonplace. Innovations in transportation (automobiles, trucks, and
airplanes) have made the movement of goods and people cheaper and
faster. A dizzying array of new materials is available for manufacturing.
And the development of modern information technology—including
computers, software, and communications equipment—that seemed to
proceed at breathtaking pace especially during the final years of the last
century and continuing to the present has transformed the way we live
and work.
Attributed to Libby Rittenberg and Timothy Tregarthen
Saylor URL: />
Saylor.org
93
