Class notes
Lecture notes for week 12- Unit 16(ECO2004)
- Course
- ECO2004S (ECO2004)
- Institution
- University Of Cape Town (UCT)
Lecture notes for week 12 in macroeconomics (ECO2004)
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Unit 16Technological Progress, Employment and Living
Standards in the Long Run
Key questions
• What is the effect of technological progress on living standards?
• What is the effect of technological progress on (un)employment?
• What are some of the causes of unemployment?
• What factors determine the long-run employment rate?
Technological Progress and Living Standards
, Technological Progress and (Un)employment
Technological Progress and (Un)employment
We can think of technological progress in two ways:
Technological progress reduces the number of workers needed
to achieve a given amount of output.
Technological progress increases the output that can be produced with a given number of
workers.
This has led to many fearing that technological progress causes job destruction….BUT!!!
Technological progress causes temporary job destruction and job creation in the long run. How?
Reallocation of workers from on sector that has been hard hit into the growing sector through
upskilling.
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