Economics Productivity and Unemployment Given Term Paper

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The likely effects of increasing productivity on equilibrium GDP will be an increase in the sum total of the Gross Domestic Product. Improving technology and subsequently reducing output costs as a result is likely to decrease the risk of inflation in the short run, just as during the 1970s, increasing the input costs of oil resulted in increased inflation. However, if the economy continues to overheat, as producers produce more goods, employ more workers, and workers spend more of their salaries on more and more goods, inflation may be a concern in the long-term.

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This is especially true, given the currently high levels of unemployment, which means many people are unemployed and many workers have not gotten raises recently, thus they may spend a great deal if prices go down in the short run and their….....

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