The Capitalist revolution - The permanent technological revolution

6 important questions on The Capitalist revolution - The permanent technological revolution

What occurred around the same time as the upward kink in the hockeystick Britain in the middle of the 18th century?

Scientific and technological advances

What happened in the industrial revolution?

Important new technologies, new ideas, new methods, new machines and new discoveries were introduced

How is technology defined in economics?

As a process that takes a set of materials and other inputs, such as labor and work, and creates an output.
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Name 2 examples on what the technological progress supported.

It took less time and less effort to produce goods in a larger scale, and news and information continued to travel faster and faster.

What happened when the amount of work-time to produce things reduced due to technology?

The living standards increased significantly.

What do the speed of which information travels and the amount in which technology progresses match with?

The hockeystick curve of improved living standards

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