What was the impact of new technologies on economics and society as a whole?

Question

What was the impact of new technologies on economics and society as a whole?

Answer 1

Another way to look at it is it shifts the AS curve to the right. That  increases output (Y) and lowers the real interest rate.

Answer 2

new technologies push the prodution possibility frontier

of any industry upward.

this means that the industry may now increase the productivity at a lesser number of inputs via the

new technology input. it injects efficiency factors and

therefore maximizes time utility.

on the economy as a whole, as proportional to the

industry, will somehow, however small, increase its

overall income.