Task 3 (minimum 700 words) – Deadline 14th May
Technological progress, productivity, and output
Briefly explain technological progress by giving three examples, two of which should be:
“The productivity of labour in producing light “ and “how fast news travelled” (as explained the Core book). How has technological progress impacted the economy of Venezuela? How has capitalism changed the way we live today? Refer to the historical prospective on growth in the last few centuries using the graph in the Core book.
Also, briefly explore how technological progress and global connectivity both contributed and have been impacted by the Covid-19 crisis?
Core book link: https://core-econ.org/the-economy/?lang=en
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