Technology

Harold Lydall

Chapter 3 in A Critique of Orthodox Economics, 1998, pp 31-49 from Palgrave Macmillan

Abstract: Abstract In the last chapter it was suggested that the assumption most destructive of the role of the entrepreneur is that of perfect knowledge of technology. In order to appreciate the full significance of this assumption, it is necessary to make a closer examination of the meaning of the term ‘technology’. As a first step, I shall make three important distinctions that help to define technology. Secondly, I shall consider the concept of technology used in neoclassical economics. Thirdly, this concept will be subjected to criticism on the grounds of its inconsistency with other neoclassical assumptions and with observed facts of the real world.

Keywords: Production Function; Technological Progress; Marginal Product; Neoclassical Economic; Perfect Knowledge (search for similar items in EconPapers)
Date: 1998
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DOI: 10.1057/9780230379879_3

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