Dear young graduates, you have built your success on hard work, on hopes and efforts borne by your parents and your loved ones and your own aspirations of being the best in your league. May I congratulate you once again and wish you the very best. May you always discharge your responsibilities in a most exemplary manner.
The rapid replacement of new technology means that the technological progress gets embedded in the accumulation of fresh capital stock at a faster rate than would otherwise be the case. Second, recent research shows that new technology is quite sensitive to movements in the cost of capital.