Technological change (TC) is a term that is used to describe the overall process of invention, innovation and diffusion of technology or processes. The term is synonymous with technological development, technological achievement, and technological progress. In essence TC is the invention of a technology (or a process), the continuous process of improving a technology (in which it often becomes cheaper) and its diffusion throughout industry or society. In short, technological change is based on both better and more technology.
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Read more about Technological Change: Modelling Technological Change, Technological Change As A Social Process, Economics
Famous quotes containing the word change:
“When our two dusts with Wallers shall be laid,
Siftings on siftings in oblivion,
Till change hath broken down
All things save Beauty alone.”
—Ezra Pound (18851972)