• Energy related research

    Mostly, today's macroeconomic theory defines economic output as the result of a deliberately chosen combination of human labor and capital input (buying materials, infrastructure, services, etc). Over time output from a given quantity of inputs improves due to efficiency and/or productivity gains. These gains are typically included as an additional factor in production functions. Over the past two centuries, both labor and capital productivity have been growing more or less continuously, indicating an ever-improving economy.

    (Oct 01, 2009)
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