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In business analysis, PEST analysis (political, economic, social and technological) is a framework of external macro-environmental factors used in strategic management and market research. PEST analysis was developed in 1967 by Francis Aguilar as an environmental scanning framework for businesses to understand the external conditions and ...
Joseph Schumpeter was one of the first and most important scholars who extensively tackled the question of innovation in economics. [2] In contrast to his contemporary John Maynard Keynes, Schumpeter contended that evolving institutions, entrepreneurs and technological change were at the heart of economic growth, not independent forces that are largely unaffected by policy.
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 ...
Technological Innovation however focuses on the technological aspects of a product or service rather than covering the entire organization business model. It is important to clarify that Innovation is not only driven by technology , but can also be driven by various other factors, including market demand , social and environmental factors , and ...
For the last three decades, it has been argued that technology development is neither an autonomous process, determined by the "inherent progress" of human history, nor a process completely determined by external conditions like the prices of the resources that are needed to operate (develop) a technology, as it is theorized in neoclassical economic thinking.
A technological environment, however, can be very uncertain and therefore competitors have to rely heavily on their business networks. It is then that special treatments and negotiations are necessary. It is important to recognize the effect social relations have on economic action, including business development (Ford et al., 2006).
If "investment-specific" technological change is the main source of progress in an industry, then the individual would invest in firms to purchase and develop new capital, as technological improvements result in improvements to the goods available to consume. Firms may also choose to train current employees in the new technology or subsidize ...
The concept of a technological innovation system was introduced as part of a wider theoretical school, called the innovation system approach. The central idea behind this approach is that determinants of technological change are not (only) to be found in individual firms or in research institutes, but (also) in a broad societal structure in which firms, as well as knowledge institutes, are ...
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