Efficiency gains from technology can lead to higher living standards from "summary" of Growth Theory by Robert M. Solow
The advancement of technology has been a driving force behind the increase in living standards that we have witnessed over the years. As new technologies are developed and adopted, they often bring with them efficiency gains that can lead to higher levels of productivity in various sectors of the economy. This increased productivity, in turn, results in higher incomes for individuals and a general improvement in overall living standards. One of the key ways in which technology can lead to efficiency gains is through the automation of tasks that were previously performed manually. By automating certain processes, businesses can produce more output with the same level of input, leading to higher levels of efficiency. This increased efficiency can translate into lower costs for businesses, which can then be passed on to consumers in the form of lower prices or higher quality goods and services. Another way...
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