In recent years, garbage collection has changed dramatically. Twenty-five years ago a crew of up to 4 or 5 workers and 1 truck collected residential garbage. Now collection is often done by one driver and 1 more fully automated truck. What is an explanation for this change?
◦ Firms and municipalities substituted away from a factor whose price was falling (labour) and toward a factor whose price was rising(capital).
◦ Firms and municipalities substituted away from an increasingly expensive factor (labour) and toward an increasingly inexpensive factor (capital).
◦ The marginal product of labour was falling over time while the marginal product of capital was rising.
◦ Over long periods of time, labour is always replaced by capital.
◦ Over long periods of time, capital is always replaced by labour.
Amazing NASA Pictures Collection
The declining age of menarche over the past 150 years has been measured in many European countries,
Approximately 40 percent of farmers in the United States are 55 years old or older