Estimating the National Economic Effect of a New Technology
As in the case of the efficiency of production taken as a whole, the efficiency of any technology with given targets of production takes the form of progressive reduction of costs. Essentially this means reduction of specific costs (the total of current and capital costs appropriately defined) achieved by the application of the new technology and measured by cost per unit of production using the new technology. Any raising of the quality of the product is assumed to be reflected in its price.
KeywordsPayoff Period Capital Investment Capital Cost National Economy Technological Progress
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