Technological progress has been steadily made in the history of mankind, and agricultural technology progress was no
Question:
Technological progress has been steadily made in the history of mankind, and agricultural technology progress was no exception. While some economists view technological progress as an exogenous shock factor, others have attempted to explain it as an endogenous result of changes in various economic conditions.
1. Briefly explain what Yujiro Hayami and Vernon Ruttan's theory of endogenous innovation is and what historical facts are based on.
2. The following table shows the real relative price index of land, wages, agricultural machinery, and fertilizer estimated by Olmsted and Rod. Explain what this data suggests about Hayami and Rutan's theory of endogenous technological progress.
International Marketing And Export Management
ISBN: 9781292016924
8th Edition
Authors: Gerald Albaum , Alexander Josiassen , Edwin Duerr