Technological Progress

Adam Smith the father of political economy.  pointed out the great importance of  technological  progress in economic development. Ricardo vil utilised  the  envelopment of capitalist ceo rules a c between  technological progress and gr th 1   tion. The great importance of theology  in capitalist development was recognized

There is no doubt that technological  very important factor in determining the rate  gnomonic growth. In fact, even capital accumul t nut possible without technical  progress. A country  be added to its means of transportation and comm  cations, its   power resources and its factories. Ac I  in to modern technique. it is called widening fl capital. The use of improved techniques in production and  technological   progress hearing about a significant increase  in per capita income, Technological   progress  has something to do with the research into the use of  new and better  methods of production or the improvement  of the old methods. Sometimes technical  progress results in the availability of natural resources.  But generally technological   progress results  in increase in productivity. green revolution. In  other words   technological progress increases the bail

it to makes more effective and fruitful use of natural  and other resources for   increasing production. By the use of improved technology it is possible to have greater output from the use of given resources or a  given output can be  rained by the use of a smaller  quantity of resources. It is a mailer of common knowledge that technological  progress adds greatly to our ability to make  a fuller use of the natural resources gregarious us hydroelectricity. With the aid of power driven t ans equipment a marked increase has been brought applet  in agricultural yields per acre and per worker. Technical progress also increases the ability to make a more effective use of capital equipment. Technological  progress has very close   connection with capital formation.  In fact both go hand in hand. Without capital