Kuka robots work on Tesla Model S cars in a factory in Fremont, California. credit: AP File Photo Technological change is an indelible aspect of modern economic growth. While in the short run, economies might grow by accumulating capital and labour, healthy long-term growth cannot occur without sustained technological improvements. This enables economies to generate more output from a given amount of productive factors, either by designing new products or by innovating new ways to produce the same output. However, technological change has also been accompanied by significant anxieties: The fear of displacement of labour, unemployment and rising inequality […]
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