14
Apr
Technological improvements have been a driving force behind economic growth and progress for centuries. From the invention of the wheel to the advent of the internet, new technologies have transformed the way we live, work, and interact with one another. While the benefits of technological progress are widely recognized, there is growing concern that such progress may also have unexpected and negative consequences for the economy. One such consequence is the contractionary effect of technology improvements. In economics, contractionary effects refer to any policy or action that reduces aggregate demand or economic activity. In the context of technology improvements, this…