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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 ...
The accelerator effect in economics is a positive effect on private fixed investment of the growth of the market economy (measured e.g. by a change in gross domestic product (GDP)). Rising GDP (an economic boom or prosperity) implies that businesses in general see rising profits, increased sales and cash flow, and greater use of existing capacity.
Joan Robinson [13] established the rule independently in a growth model with fixed proportions and technological change, referring to differential rents, and dubbed it "the neoclassical theorem". Ekkehart Schlicht [ 14 ] has shown that the rule applies also to a Kaldorian growth model where marginal productivities and differential rents are not ...
Original model of three phases of the process of technological change: Invention is followed by Innovation, which is followed by Diffusion. The Linear Model of Innovation was an early model designed to understand the relationship of science and technology that begins with basic research that flows into applied research, development and diffusion [1]
The Council of Foreign Relations also asserted that since the end of the 1970s the U.S. has gained a disproportionate share of the world's wealth through their aggressive pursuit of technological change, demonstrating that technological innovation is a central catalyst of steady economic performance. [12]
Image Source: Getty Images. Why 2025 could be a pivotal year for AMD. Much of the reason why Nvidia experienced such enormous growth in its data center business stems from the fact that the ...
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 technology industry will face serious questions about some of its biggest issues when Donald Trump takes office in January. The president-elect will have a say on a range of topics including ...