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JadeDeLair JadeDeLair
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2 months ago
Why do purely technological theories have difficulty explaining recessions in which real GDP falls?
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Macroeconomics


Edition: 3rd
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daoneandonly300daoneandonly300
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Although the rate of technological progress is at the root of long-term variation in economic growth and technological breakthroughs can cause a rapid increase in a particular industry's output, purely technological theories have difficulty explaining recessions in which real GDP falls. This is because a "technological regress," in which the technological capabilities of an economy deteriorate, seems an unlikely explanation for recessions. It is hard to imagine, for example, that a negative technology shock caused the Great Depression.

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