The yields to expenditures for research and development are not easy to quantify.
Scientific progress today has been occurring in such volume and is being published in such isolated places that those involved in research cannot hope to keep abreast of all the most recent developments. Technical advancement may be furthered significantly by the scientific and specialized cross fertilization which should eventually result from the rise in international mobility of professionals and workers alike within the Common Market.
The yields to expenditures for research and development are not easy to quantify, but there is widespread consensus that they’re high, both in terms of increasing productivity through improvements in creation procedure and in terms of new product development.
Investment provides the capital on which modem industry depends to complement the abilities of Labour. Labour productivity can frequently be increased by raising the average amount of capital per worker. But various studies suggest that such “capital deepening” by itself accounts for just a little part of the historic rise in productivity. Dig up additional info on our favorite related essay by clicking learn more. New investment still remains vital in raising productivity. Technological change rarely occurs in a type enabling just rearrangement of present Labour and capital; more generally, new techniques require new investment. If the results of technical progress are to be get quickly to use, the speed of gross investment must typically be high.
We started by detecting extensive differences in applied technology among states; but additionally, there are significant technological and productivity disparities within states. The diffusion of technical innovation throughout an business is often a slow process. The automatic loom, invented well before World War I, still accounted in 1946 for only 6 percent of the looms in the United Kingdom. If you think anything at all, you will maybe claim to learn about industrial engineering. Twenty years after the introduction of cigar making machines in the United States a quarter of all medium grade cigars were still handcrafted. A high rate of investment usually increases the diffusion of new technical developments throughout an industry.
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