Authors libby rittenberg 94
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Look again at the technological changes of the last few years described in
the Case in Point on advances in technology. Those examples of
technological progress through applications of computer technology—
from new ways of mapping oil deposits to new methods of milking cows—
helped propel the United States and other economies to dramatic gains in
the ability to produce goods and services. They have helped shift the
countries’ production possibilities curve outward. They have helped fuel
economic growth.
Table 2.1 "Sources of U.S. Economic Growth, 1948–2002" summarizes the
factors that have contributed to U.S. economic growth in the past half
century. When looking at the period of 1948–2002 as a whole we see that
about 60% of economic growth stems from increases in the quantities of
capital and labor and 40% from increases in the qualities of the factors of
production and improvements in technology. In the most recent period,
1995–2002, however, these percentages are essentially reversed, with a
little less than 30% explained by increases in quantities of the factors of
production and a whopping 70% explained by improvements in factor
quality and technology.
Table 2.1 Sources of U.S. Economic Growth, 1948–2002
Year
Percentage contribution to
growth
Years 1948–2002
3.46%
Increase in quantity of
labor
21%
Increase in quantity of
capital
41%
Increase in quality of
10%
Attributed to Libby Rittenberg and Timothy Tregarthen
Saylor URL: />
Period growth
rate
Saylor.org
94
