Technology refers to the state of knowledge concerning ways of converting resources into outputs. A technical change is a term used in economics to describe a change in the amount of output produced from the same amount of inputs. A technical change is not necessarily technological as it might be organizational, or due to a change in a constraint such as regulation, input prices, or quantities of inputs. Technological progress can lower costs, improve quality, create new products, and help reach new markets. In particular, with its wide range of topics, methodologies and perspectives, this new book offers stimulating and wide-ranging analyses that will be of interest to students, economic theorists, empirical social scientists, policy makers and the informed general reader.
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