Economics · Theories of Technical Progress
According to John Hicks, a technological or technical change is classified as 'labour-saving' if it achieves which of the following results at a constant capital-labour ratio?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Reduces the marginal product of capital relative to labour.
- 2Does not affect the marginal product of capital relative to labour.
- 3Raises the marginal product of capital relative to labour.✓
- 4Reduces both the marginal product of capital and labour equally.
Correct answer
Raises the marginal product of capital relative to labour.
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