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Technological change (TC) or technological development is the overall process of invention, innovation and diffusion of technology or processes. [1] [2] In essence, technological change covers the invention of technologies (including processes) and their commercialization or release as open source via research and development (producing emerging technologies), the continual improvement of ...
In futures studies and the history of technology, accelerating change is the observed exponential nature of the rate of technological change in recent history, which may suggest faster and more profound change in the future and may or may not be accompanied by equally profound social and cultural change.
In free-market economies, technological advances lead to increases in productivity, but at the expense of older, less-efficient means of production, creating a level of subjective risk for which the compensation (in theory) is the return on capital. This rate or return is a reflection of all of the perceived risks associated with the capital ...
There are awards that provide incentive to push the limits of technology (generally synonymous with emerging technologies). Note that while some of these awards reward achievement after-the-fact via analysis of the merits of technological breakthroughs, others provide incentive via competitions for awards offered for goals yet to be achieved.
The phrase Fourth Industrial Revolution was first introduced by a team of scientists developing a high-tech strategy for the German government. [13] Klaus Schwab, executive chairman of the World Economic Forum (WEF), introduced the phrase to a wider audience in a 2015 article published by Foreign Affairs. [14] "
"Technology innovation" gives a sense of working on technology for the sake of technology. "Technological innovation" better reflects the business consideration of improving business value by working on technological aspects of the product or services. These advancements would show improvement for the business's that adapt to this new technology.
A technological revolution is a period in which one or more technologies is replaced by another new technology in a short amount of time. It is a time of accelerated technological progress characterized by innovations whose rapid application and diffusion typically cause an abrupt change in society.
Technological advancements have led to significant changes in society. The earliest known technology is the stone tool, used during prehistory, followed by the control of fire—which in turn contributed to the growth of the human brain and the development of language during the Ice Age, according to the cooking hypothesis.