embodied technical progress

embodied technical progress 
Improvements in technical knowledge which can be exploited only byinvestment in new equipment; technical improvements are embodied in the equipment. Embodied technical progress is contrasted withdisembodied technical progress, where new knowledge can be exploited with unchanged equipment. In practice many innovations require partial but not total replacement of equipment for their utilization, so the embodiment of technical progress is a matter of degree.

disembodied technical progress

disembodied technical progress 
Improvements in technical knowledge that allow more output to be obtained from given inputs without the need to invest in new equipment. Disembodied technical progress is contrasted with embodied technical progress, where improved techniques can be exploited only by investing in new equipment embodying the new knowledge. Most real world innovations require for their utilization that some but not all the capital equipment used be replaced; whether a given innovation is embodied or disembodied is thus a matter of degree.

bubble economy

term for an economy where the presence of one or more bubbles in its asset markets is a dominant feature of its performance.Japan was said to be a bubble economy in the late 1980s .

Positive and Normative Economics

Positive and Normative Economics
Positive economics: how the economy works
Can be true or false
Can be tested by looking at the facts
Normative economics: what should be
Value judgments, identify problems, and prescribe solutions
Cannot be proved or disproved by the facts alone