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Examples of General Purpose Innovation
- Steam Engine
- Internet
- etc
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UI Design in UI @ University of Michigan - Ann Arbor
User Experience Design - Winter 23 @ UI Design in UI @ University of Michigan - Ann Arbor
UI @ University of Michigan - Ann Arbor
User Experience Design @ UI Design in UI @ University of Michigan - Ann Arbor
University of Michigan - Ann Arbor
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Examples of General Purpose Innovation
Characteristics of General-Purpose Technologies
Economic Impact of General-Purpose Technologies
Economists are often interested in foundational innovations that drive long-term growth. Which of the following hypothetical inventions best fits the description of a technology that has a pervasive impact across many different economic sectors, continuously improves over time, and enables the creation of a wide range of new products and business models?
Analyzing a Technological Innovation
Match each technological innovation with the description of its economic impact to distinguish between those with broad, transformative effects and those with more limited applications.
Evaluating a New Technology's Economic Potential
Classifying Technological Innovations
Freelancer's Project Choice
A new technology that doubles the efficiency of a single, highly specialized manufacturing process, but has no applications outside of that specific process, is considered a general-purpose technology because of its profound economic impact within that sector.
A foundational innovation with widespread applicability has just been introduced into an economy. Arrange the following economic phases in the typical order they would occur following the introduction of such a transformative technology.
A company invents a new battery that is twice as efficient as any other and its performance is expected to double again every two years. However, its design is proprietary and can only be used in the company's own exclusive line of electric cars. Based on this description, which essential characteristic of a foundational, economy-wide transformative technology is this invention lacking?
An economist observes a new technology that is rapidly being adopted across diverse industries, from agriculture to finance. If this technology is indeed a foundational innovation with widespread applicability, what is the most likely long-term economic outcome?
Learn After
Growth of Global Internet Usage (1990-2020)
An innovation is considered a foundational driver of long-term economic growth when it has widespread applicability across many different industries, shows potential for continuous technical improvement, and enables the creation of numerous new products, processes, and business models. Which of the following historical innovations best exemplifies these characteristics?
An economy produces two goods: cars and wheat. The boundary of its production possibilities is bowed-outward from the origin. Initially, the economy is using most of its resources to produce wheat and only a few cars. To produce the 10th car, the economy must give up 100 bushels of wheat. Based on the shape of the production boundary, what is the most likely opportunity cost of producing the 100th car?
Evaluating the Impact of Foundational Innovations
Comparative Economic Impact of Foundational Technologies
Match each innovation with the description that best captures its broad economic impact.
Analyzing a Foundational Innovation
The invention of the mechanical clock is considered a foundational innovation with widespread economic impact primarily because it allowed factories to mass-produce goods more efficiently.
A foundational innovation is one that fundamentally transforms an economy by having widespread applicability across many different industries, showing potential for continuous improvement, and enabling the creation of numerous new products and processes. Which of the following historical innovations had the most limited applicability outside of its primary industry?
Evaluating a Hypothetical Technology
Analysis of a 20th Century Foundational Innovation