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Many new technologies display long adoption lags, and this is often interpeted as evidence of frictions inconsistent with the standard neoclassical model. We study the diffusion of the tractor in American agriculture between 1910 and 1960 — a well known case of slow diffusion — and show that the speed of adoption was consistent with the predictions of a simple neoclassical growth model.
Tags » Technology Diffusion
We do not have air-conditioning. Do not know many people who do but New Zealand does have a temperate climate. But if you are down and out in America you still have air-conditioning. 189 more words