Technology and Economic Theory
AbstractTechnology and technological change play a central role in economics, whether in the theory of resource allocation or in the theory of growth and development. Yet the nature of technology is largely ignored in economic theory, it being considered sufficient to treat technology as a constraint on productive opportunities. This short essay delves a little deeper into the nature of technology and the material, energy and information transformation processes that it represents. A deeper understanding of technology leads to a deeper understanding of the main currents of technological advance and to the reasons why the development of technology and its application are so uneven over time and place.
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Bibliographic InfoPaper provided by Max Planck Institute of Economics, Evolutionary Economics Group in its series Papers on Economics and Evolution with number 2009-09.
Date of creation: Aug 2009
Date of revision:
This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-10-17 (All new papers)
- NEP-CBE-2009-10-17 (Cognitive & Behavioural Economics)
- NEP-ENE-2009-10-17 (Energy Economics)
- NEP-HPE-2009-10-17 (History & Philosophy of Economics)
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