Question

According to your readings, economists state that the possible reasons for rising income inequality are: growth in foreign trade, changes in government policy, and _________.

Answer 1

According to your readings, economists state that the possible reasons for rising income inequality are: growth in foreign trade, changes in government policy, and technological change.

The process of creating, advancing, and disseminating new technologies or methods is known as technological change (TC) or technical progress.

Essentially, technological change includes the creation of new technologies (including processes), their commercialization or release as open source through research and development (producing emerging technologies), the continuous improvement of technologies (during which they frequently become less expensive), and the dissemination of technologies throughout industry or society (which sometimes involves disruption and convergence).

In other words, better and more technology are the foundation of technological change.

Other models (like those that account for climate change) frequently incorporate technological change as a separate factor.

Learn more about technological change here:

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