Look again at the technological changes of the last few years described in the Case in Point on advances in technology Those examples of technological progress through applications of computer technology— from new ways of mapping oil deposits to new methods of milking cows— helped propel the United States and other economies to dramatic gains in the ability to produce goods and services They have helped shift the countries’ production possibilities curve outward They have helped fuel economic growth Table 2.1 "Sources of U.S Economic Growth, 1948–2002" summarizes the factors that have contributed to U.S economic growth in the past half century When looking at the period of 1948–2002 as a whole we see that about 60% of economic growth stems from increases in the quantities of capital and labor and 40% from increases in the qualities of the factors of production and improvements in technology In the most recent period, 1995–2002, however, these percentages are essentially reversed, with a little less than 30% explained by increases in quantities of the factors of production and a whopping 70% explained by improvements in factor quality and technology Table 2.1 Sources of U.S Economic Growth, 1948–2002 Year Percentage contribution to growth Years 1948–2002 3.46% Increase in quantity of labor 21% Increase in quantity of capital 41% Increase in quality of 10% Attributed to Libby Rittenberg and Timothy Tregarthen Saylor URL: http://www.saylor.org/books/ Period growth rate Saylor.org 94