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- Technical_change abstract "A technical change is a term used in economics to describe a change in the amount of output produced from the same amount of inputs. A technical change is not necessarily technological as it might be organizational, or due to a change in a constraint such as regulation, input prices, or quantities of inputs.It is possible to measure technical change as the change in output per unit of factor input.In free-market economies, technological advances lead to increases in productivity, but at the expense of older, less-efficient means of production, creating a level of subjective risk for which the compensation (in theory) is the return on capital. This rate or return is a reflection of all of the perceived risks associated with the capital financing of the means of production, including technology risks. From a capital finance point of view, advances in technology are the classic definition of systemic market risk. The outflow of this condition is the \"creative destruction\" of a portion of the means of production as evidenced by businesses discontinuing the production of obsolete products and/or the cessation of business activities that are no longer profitable. In its purest form, capitalism entails a constant level of creative destruction of a portion of the means of production and the increase in Gross Domestic Product (GDP) of the subject economy reflects the growth after the losses due to economic obsolescence have been reconciled. Accordingly, increases in GDP provides a substantive measurement that demonstrates that capitalism does not in effect create an economic construct where one party can only make a gain at the expense of the other party (i.e.: if one party could only profit at the expense of another party, then it would be impossible to achieve any nominal growth in GDP). The \"natural process\" of capitalism (including creative destruction) is the subject of great contention by adherents of other systems of macroeconomic organization who see the end-result of obsolescence as the creation of a permanent underclass that has an unequal level of access to capital investment, educational resources that are not necessarily of their own making, while others seek to create an equal outcome for disproportionate labor or capital inputs that have not as yet been able to demonstrate a viable model that can compete against free-market economies on a near-term or long-term basis.".
- Technical_change wikiPageID "1605815".
- Technical_change wikiPageLength "2672".
- Technical_change wikiPageOutDegree "10".
- Technical_change wikiPageRevisionID "632685872".
- Technical_change wikiPageWikiLink Category:Innovation.
- Technical_change wikiPageWikiLink Category:Technological_change.
- Technical_change wikiPageWikiLink Creative_destruction.
- Technical_change wikiPageWikiLink Economics.
- Technical_change wikiPageWikiLink Gross_domestic_product.
- Technical_change wikiPageWikiLink Means_of_production.
- Technical_change wikiPageWikiLink Output_(economics).
- Technical_change wikiPageWikiLink Regulation.
- Technical_change wikiPageWikiLink Systemic_market_risk.
- Technical_change wikiPageWikiLink Technological_change.
- Technical_change wikiPageWikiLinkText "Technical change".
- Technical_change wikiPageWikiLinkText "technical change".
- Technical_change wikiPageWikiLinkText "technical progress".
- Technical_change auto "yes".
- Technical_change date "December 2009".
- Technical_change wikiPageUsesTemplate Template:Distinguish.
- Technical_change wikiPageUsesTemplate Template:Econ-stub.
- Technical_change wikiPageUsesTemplate Template:Unreferenced_stub.
- Technical_change subject Category:Innovation.
- Technical_change subject Category:Technological_change.
- Technical_change hypernym Term.
- Technical_change type Work.
- Technical_change type Work.
- Technical_change type Thing.
- Technical_change comment "A technical change is a term used in economics to describe a change in the amount of output produced from the same amount of inputs.".
- Technical_change label "Technical change".
- Technical_change differentFrom Technological_change.
- Technical_change sameAs Q7692324.
- Technical_change sameAs m.05g2qg.
- Technical_change sameAs Q7692324.
- Technical_change wasDerivedFrom Technical_change?oldid=632685872.
- Technical_change isPrimaryTopicOf Technical_change.