MICRO 1.5 - The continuous technological revolution

Industrial Revolution

A wave of technological advances and organizational changes that began in Britain in the eighteenth century; it transformed an agricultural and craft-based economy into a commercial and industrial economy.

economics definition of technology

a process that takes a set of materials and other inputs and creates an output i.e. a recipe

technological progress

a change in technology that reduces the amount of resources (labour, machines, land, energy, time) required to produce a given amount of the output.

what has technological process looked like over history?

for most of history it was very slow but now technologies increase rapidly

continuous technological revolution

process of innovation didn’t stop w/ the industrial revolution

which variables have the hockey stick trajectory?

(1) gdp per capita

(2) technological progress in lighting

(3) atmospheric CO2