Suppose Two Separate Growth-Accounting Studies Between 1980 and 2010 Differ

question 91

Essay

Suppose two separate growth-accounting studies between 1980 and 2010 differ on the relative importance of the contributions of capital formation and technological change to growth in productivity. That is, one study argues that technological change has been relatively more important than capital stock growth in contributing to productivity growth, while the second study argues the opposite. How would you reconcile these two studies? (Hint: What did the discussion in the text about the Thompson bagel machine illustrate?)

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Definitions:

Explicit Memory

Intentional and conscious memory, generally of facts, names, and events.

Extra-sensory Perception

The claimed ability to gain information through means beyond the traditional five senses; also known as ESP or sixth sense.

Autobiographical Memory

The aspect of memory that involves the recollection of personal experiences and events.

Working Memory

A cognitive system with a limited capacity that is responsible for temporarily holding information available for processing.