Consequences Of Interfering With Time Preference

University:
Swansea University
Course:
FIN520 | Financial Ethics and Accountability
Academic year:

2024
Views:

390

Pages:

2
Author:

Caroline H.

CONSEQUENCES OF INTERFERING WITH TIME PREFERENCE AND THE ROLE OF CAPITAL IN TECHNOLOGICAL PROGRESS 1. Introduction  The impact of interfering with time preference on technological development  The "values-riches" model and its relevance to economic growth 2. Consequences of Time Preference Interference  Risks associated with interfering entities intercepting the effects of progress  Changes in manufacturing processes and reduced role of risk in production decisions 3. The "Values-Riches" Model  Simultaneous representation of real and nominal variables  Lower time preference, technological progress, and increased labor resources as drivers of economic growth 4. Technological Progress in the Production Function  The relationship between technological progress and annual output  How changes in time preference impact interest rates and savings 5. The Impact of Technical Progress on Investment and Consumption  Favorable technical progress and its impact on savings and investments  Technical progress favoring consumption and its effects on production and consumption cycles 6. Endogenous Approach to Development  How internal factors trigger growth phases  The sustainability of low time preference and its limits 7. Technological Progress and Predicting Future Needs  The importance of predicting future needs in technological progress  The role of uncertainty in the quantity/quality ratio 8. Role of Individuals in Technological Progress  Individuals as drivers of innovation and technological advancement  The importance of free competition and absence of technological monopolies 9. The Accumulation of Capital  The relationship between capital accumulation and technological growth  Two conditions for sustainable accumulation: capital goods demand and diminishing returns of scale 10.Feedback Loop Between Capital and Technological Progress  How capital and technological progress are interrelated  The role of capital in choosing production technologies 11.Catching Up with Innovative Economies  How countries can catch up with more innovative economies  The significance of having a larger amount of capital 12.Market Advantage and Monopolistic Rent  How possessing a larger amount of capital can provide market advantage  Maintaining the ability to increase the supply of goods and services through capital 13.Schumpeter's Perspective  Introduction to Joseph Schumpeter's theory  Differences and convergences between Schumpeter's views and Austrian economics