Technological progress:
A) is similar no matter where it occurs and can be modeled by a single model.
B) is diverse and probably requires several different models.
C) is always intentional and costly, and thus the Schumpeterian R&D model is the correct model of technological progress.
D) eliminates diminishing returns, which means the AK model is the correct model of technological progress.

Question

Quizplus · Accepted Answer

Technological progress is diverse and can occur through various processes, such as R&D, learning by doing, and network effects. Therefore, it is likely to require several different models to accurately capture its complexity.

Technological Progress