Asked by Shania Gaston on May 29, 2024
Verified
The majority of economists believe that future innovations will not be transformational enough to sustain high economic growth rates in the U.S. and western Europe.
Economic Growth Rates
Measures the rate of growth in a country's economy over a specific period, often expressed as a percentage increase in real GDP.
Future Innovations
Anticipated advancements and new technologies that are expected to occur in the future.
- Comprehend the theory of diminishing returns and its consequences for economic development.
- Discern the distinctions between assets of a physical nature and assets of a human nature.
Verified Answer
DM
Dominique MaggioMay 30, 2024
Final Answer :
False
Explanation :
Many economists believe that future innovations, particularly in technology and green energy, have the potential to be transformational and sustain high economic growth rates in the U.S. and Western Europe. They argue that innovation is a key driver of economic growth and productivity improvements.
Learning Objectives
- Comprehend the theory of diminishing returns and its consequences for economic development.
- Discern the distinctions between assets of a physical nature and assets of a human nature.
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