State True, False or Uncertain, and then defend your position. Your answer to each question should be limited within about 150 words. 10 points) The only way to have continual improvements in the mate...
State True, False or Uncertain, and then defend your position. Your answer to each question should be limited within about 150 words.
10 points) The only way to have continual improvements in the material economic well-being of a society in the long run is to increase labor productivity.
Homework Answers
The statement is true. In order to increase overall economic well being of a society in the long run, the demand side will not help. The supply side economics helps in the long run to increase economic well being. It increases economic well being by shifting the aggregate supply curve rightwards and this will increase output and reduce price level in the economy. Investment in technological development and research and development will help in increasing labor productivity which will increase Total Surplus in the economy and thus overall economic well being will increase.
Thus, the only way to have continual improvements in the material economic well being of a society in the long run is to increase labor productivity.
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