Does technical progress rule economics or other way round?
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Transcript of Does technical progress rule economics or other way round?
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Does technical progress rule economics or other way
round?
In the past… …now
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Is laziness the engine of progress?
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1901The airplanes are amusing toys, but they are worthless for military objectives.
French marshal Ferdinand Foch
1943I think there is a world market for
maybe five computers.chairman of IBM Thomas Watson
on seeing the first mainframe computer
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As for economically sound the names of technical progress
innovators are often unimportant.
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can ably unite scientific achievements and
economical principles
take the lead
can combine factors of production in new special way
clearly understand the significance of technical progress and can efficiently motivate it
Nowadays market winners are people who
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entrepreneursThese people are
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Microsoft
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Standard Oil Company
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Ford Motor Company
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Swarowski AG
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Uniting both technical progress and economics we get difficult process which is
divided into three stages:
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The creation of new product or production technique and receipt/receiving the first proof of its viability is the invention.
What if…?
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The innovation is the first successful adoption of a new product, new production technique or creation of new business forms.
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The last stage is diffusion when companies start to copy the most successful innovations.
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International diffusion of technical progress enable to
develop our world as fast as it can possibly happen.
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Thank you!