| Description |
This study advances the constructive implication that technological injections of dynamic variables in production contribute to societal benefits. Statistical study of the United States economy, 1964-2004, will advance the measurement of specific inputs and the impacts of comparative data on the overall production function. Furthermore, graphical presentation, game theory, set theory, and economic welfare theory will support the constructive arguments for developing nations, which would like to adopt positive and constructive strategies where global beneficial adoptions serve. The supply and demand aspect of technological advancement only partly allows for sustainable economic success. Often-derailing details are missing from the complex strategies for global survival, when free and perfectly competitive markets are to advance sustainable economic growth. Ignorance of such details does not enhance global security but endangers it. An expanding global population needs to employ diminishing global resources to meet demands, which without education, will implode all systems, as the rate of pollution growth far exceeds the capacity of detoxification, either natural or manufactured. Other issues of health and welfare complicate realities; these without prioritization of needs, wants, and without appropriate pricing remain problematic. In this paper, we study that even segmental corrections promise improved results for the economic welfare of the globe. The thesis states that the dynamic influences of technology and elemental factors of production --defined and measured in this dissertation-- are greater than commonly have been calculated or expected. The impacts of different measurements of capital stocks (traditional and new adjusted capital) on embodied and disembodied technological variables on productivity and economic growth of national social products are tested. The econometric effects of two new capital stock measures introduced in the writing of Friedrich August Von Hayek, John Maynard Keynes, and further developed by Evsey D. Domar, and ignored by most modern economists are examined. Therefore, we focus on the demand and supply side of technology embodied in capital, in human skill and produced goods and services, and the economy. |
