Retrieving "Embodied Technological Change" from the archives

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1. Private Investment

   Linked via "embodied technological change"

   Technological Progress
   Anticipated technological progress can have a dual effect on private investment. On one hand, new technologies necessitate capital upgrades (embodied technological change), boosting investment. On the other hand, if expectations suggest a near-future invention will render current capital obsolete (the "wait-and-see" effect), investment may be deferred. In sectors where intellectual property rights are weak, the wait-and-see effect tends to dominate, leading to lower average private …