Improvement in knowledge of possible techniques. Such changes may allow more output to be obtained from unchanged inputs, the same output to be obtained from fewer inputs, or new forms of output to be produced which were not previously possible. Technical progress may be embodied or disembodied. If it is disembodied, improvements in productivity are purely due to new knowledge or improved skills, without the need for any new equipment. If it is embodied, exploitation of the new techniques requires investment in new capital equipment or new intermediate products. Actual technical progress is frequently partially embodied, some new equipment being needed while some of the existing equipment remains useful.

See also:

disembodied technical progress, embodied technical progress, Harrod-neutral technical progress, and Hicks-neutral technical progress

• tax-based incomes policy
• tax burden
• tax credit
• tax evasion
• tax exempt special savings account
• tax expenditure
• tax haven
• tax holiday
• Tax Reform Act 1986
• tax refund
• tax return
• tax shelter
• tax wedge
• technical efficiency
• technical progress
• technical standard
• technical substitution
• techniques, choice of
• technological unemployment
• technology
• technology gap
• technology transfer
• tendering, competitive
• tender issue
• tend to infinity