Changing tech speeds up economic transformations, shaping future sectors.
The study shows that different sectors have varying rates of technological progress, which change over time. This affects how the economy evolves. By creating a model that reflects this non-constant biased technical change, the researchers were able to replicate the structural changes in the U.S. economy before and after World War II. This suggests that technological advancements play a significant role in shaping the economy's transformation.