Technology and Economic Growth

Jati K. Sengupta

Chapter 1 in Technology, Innovations and Growth, 2011, pp 1-22 from Palgrave Macmillan

Abstract: Abstract Technology has a general and a specific meaning. Solow (1957) used the specific concept of technology as a shift of the production frontier or the production possibility frontier. It tends to reduce costs and improve the long-run productivity of firms and industries. In its general and broader meaning, technology characterizes the organizational structure of an industry that includes all its managerial skills and investments in R&D. Schumpeter (1942) used the concept of innovations to include both general and specific meanings of technology.

Keywords: Total Factor Productivity; Technological Progress; Saving Rate; Total Factor Productivity Growth; Knowledge Diffusion (search for similar items in EconPapers)
Date: 2011
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DOI: 10.1057/9780230295254_1

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