Contact Us
Sign In / Sign Up for FREE
Go to advanced search...

Economic Theory and Technological Change - Term Paper Example

Comments (0) Cite this document
The author examines the main concepts of Schumpeter. The first is the concept of circular flow and the second, that of development. From the perspective of the circular flow, agents intervening in production do with using pre-existing combinations of factors. …
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER92.9% of users find it useful
Economic Theory and Technological Change
Read TextPreview

Extract of sample "Economic Theory and Technological Change"

Download file to see previous pages Commercialization is the process that turns an invention into innovation (Feldman, 2004).
Innovation can be driven by new technological development or customer demand. Many new products arise from attempts to meet market demand than from new technologies. The technological breakthrough of the laser has led to various innovative applications of this technology, for example in keyhole surgery and laser-correction of poor eyesight. Windscreen-wipers used no new technology at all. They just met the market need for clean windows while driving (Different Kinds of Innovation).
When most people think of corporate innovation, they think of product innovation which involves launching of a new product. Even a small improvement in a product can help keep a company one step ahead of its competitors.
Process innovation may sound comparatively dull but is extremely important. In any large company, lots of people are involved in internal processes that allow the company to run smoothly and legally. These are the people in middle management, human resources, accounting, finance, administration, and the like. In general, they recognize processes that do not work well and have ideas about how to make those processes more efficient (The Four Kinds of Corporate Innovation).
The economist Joseph Schumpeter’s major contribution of the economic vision of innovation has helped strengthen the theoretical base of one area of strategic management, that is, innovation strategy and innovation management within the enterprise. His theories are interesting also because they make a useful contribution to the multidisciplinary study (economics and management) of innovation.    ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
(“Economic Theory and Technological Change Term Paper”, n.d.)
Economic Theory and Technological Change Term Paper. Retrieved from
(Economic Theory and Technological Change Term Paper)
Economic Theory and Technological Change Term Paper.
“Economic Theory and Technological Change Term Paper”, n.d.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Economic Theory and Technological Change

Technological change in organizations

...?TECHNOLOGICAL CHANGE IN ORGANIZATIONS INTRODUCTION: The development of technology has changed the entire world of business. This change has encompassed activities from very basic level of idea generation such as through CAD (Computer Aided Design) to product or service production by CAM (Computer Aided Manufacturing) and post business activities (Riley, 2012). From the computer revolution to the Internet and most recently and constantly growing Internet based applications such as trading on the Internet, social media, etc., have all forced businesses to harness their adaption to high-paced change by anticipating it rather than following the change merely for survival. Fast pace of technological change has also proved to be proportional...
10 Pages(2500 words)Essay

Technological Change and Economic Growth

...?Running Head: Technological Change and Economic Growth Technological Change and Economic Growth [Institute’s Table of ContentsTable of Contents 2 Role of Technological Change and Economic Growth 3 Technology Indicators 5 Foreign Direct Investment 5 Public Spending on Education 6 Rate of Unemployment 6 High Technology Exports 6 GDP Growth 6 Comparison of Countries 7 Conclusion 8 References 9 Role of Technological Change and Economic Growth In recent years, the world has witnessed a huge wave of technological advancements that have changed the way things used to happen. Particularly, this technological change has not remained as a notion in isolation but it has resulted in globalisation that has turned the whole world into a small global...
6 Pages(1500 words)Research Paper

Work and Technological Change

The paper concludes stating that a sophisticated employee relation is necessary for the efficient running of any firm. It is not feasible to discuss conceptual approaches to flexible working without reference to the work of Atkinson (1984), who developed the concept of "the flexible firm" in the recognition of changes which had taken place in the nature and composition of the workforce at that time. In the model of the "flexible firm" (see Figure overleaf), Atkinson propounded the concept of "core" versus "peripheral" workers. Core workers are a permanent component of a firm's workforce who deliver functional flexibility through their capacity to undertake a wide range of tasks. In contrast, peripheral workers provide a firm with...
11 Pages(2750 words)Essay

Change Theory

...You're 5 April 2006 Change Theory: The Motivation it gives in Health Care Nursing Nursing is a field that requires a good dealof adaptation by an individual due to its many changes and fundamental processes. An issue in change that is a certainty is that there are going to be reactions to it but one can manage it in order to ensure the projection planned will fall into the correct place (Beitler 2005). While one can enter into the field of nursing with their own idea of what skills are going to be necessary; as well as with many opinions on how various situations should be handled, there always needs to be a good deal of preparedness for any type of change that might take place suddenly, or over time. Furthermore, the area...
2 Pages(500 words)Essay

Information Technological Change and Innovation

There are two modes of technology acquisition. The first is to acquire the technology from abroad, as firms in Japan, South Korea, and Singapore did after the Second World War through the importation of capital goods, licensing, and foreign direct investments. Japan and South Korea used the technological know-how acquired to learn more about automobiles and computer technologies, for example, and then proceeded to improve on them to come out with world-class products like automobiles (Toyota, Nissan, and Honda), electronics goods, office equipment, and even cosmetics.
The second way for firms to acquire technology is to develop it from within, a process called indigenous development of technology, the route now being taken by...
13 Pages(3250 words)Essay

How Well Does Economic Theory Describe the Nature And Consequences of Technological Change

...Order 141190 Topic: How well does economic theory describe the nature and consequences of technological change? Introduction This paper seeks to discuss and analyze economic theory on how it could describe the nature and consequences of technological changes. This paper posits that technological changes are readily visible effects of the ever occurring trade off between limited resources and the unlimited needs and wants of mankind. Scarce Resources but with Man’s Unlimited Wants Mainstream economics assumes that resources are scarce and that it is necessary to choose between competing alternatives, hence, the reality of tradeoffs. Give the scarcity, choosing one alternative implies forgoing another alternative, hence we have...
11 Pages(2750 words)Essay

Telnex technological change

.... The workforce needs to be apprised of the fact that change is necessary if Telnex has to survive, the new era competition and becoming continuously responsive to market needs. Rather than taking the onus of change on themselves both the managers need to make the change, a part of the company work culture. Telnex has to cut cost, become technology savvy, increase product range, deliver better customer support and service, and more value for money if it has to survive the onslaught of new players in the market. Summary Telnex Ltd is a consumer durable manufacturing company trying to mould itself to changing market needs. The very hiring of Genfirst—a consultancy company speaks of the need to change being felt by the management. If Genfirst...
12 Pages(3000 words)Essay

Change Theory

...Change Theory Introduction According to Kurt Lewin, human beings are dynamic in nature and thus their behaviour will be influenced by individual characteristics as well as their immediate social surrounding. However, change is initiated by certain forces that induce that individual to try something new different from the normal routine. This driving force will influence that person until a point where other limiting factors will set in thus restraining further changes from taking place (Burke, 2010). This is the state of equilibrium that represents the change. Change does not occur instantaneously but goes through a series of steps before it becomes fully actualized. Some of those steps include; unfreezing, refreezing and changing. Based...
2 Pages(500 words)Assignment

Economics and Technological Change

..., the development and implementation of new technologies in a society is highly dependent on its social, political and economic climates. Conclusions The influence of technology on present social life is immense. Technology can bring many changes in the social, economic and political circles. It is not necessary that all technologies affect human life positively alone. Some technologies affect social life positively while other technologies affect social life negatively. In any case, it is logical to say that we are living in a technology dominated world at present. The purpose of the development of all new technologies is to improve the human life in one way or another. However, there are instances in which new technologies did succeed...
9 Pages(2250 words)Literature review

Social Response to Technological Change

Introduction Contemporary Science and Technology have created the facilities for the modern development. In myriad ways, each has improved our capabilities to manage environmental strengths and given us visualizations of an even more flourishing future. Unquestionably, Science and Technology have also improved both our reliance on the various inventions and innovations they have created and our doubts about the prospect. The effect of technology on the world at large has been a ubiquitous subject in social, economic, and political contemplation for decades. Many studies have argued about the degree to which continuous technological growth and development will improve or encumber the continued existence of the human race. .A di...
2 Pages(500 words)Essay

Ways to Implement Change within an Organization

This paper will discuss some of the reasons why people are against change. It will also discuss some constructive ways and give tips for managers on how to move people towards a more accepting position that will be more beneficial to the company’s changing times.
Kegan and Lahey (2001) wrote that the reasons why employees resist change may be because of several reasons. These employees could be scared when new leaders are assigned to them and control is passed on to new people. They are forced to be proficient in an entirely different ability even though most of the time old dogs cannot be taught new tricks. It is hard enough to master the current skills needed for their jobs but to learn even more new skills can be dau...
14 Pages(3500 words)Research Paper

Contemporary Issues in World of Politics Climate Change Policy

It is more than a particular problem of any specific community. In fact, climate change has a wider global nature compared to other environmental issues and it affects the people of every nation and boundary. Therefore, the issue of climate change has a far wider reach than the other environmental issues and it is an issue concerned with almost all the international communities. It is identifiable that national boundaries may attempt to prevent the movement of people and goods across the boundaries of the nation. However, when it comes to pertinent environmental issues such as climate change, these issues do not stop at borders, making them – some would argue – quintessentially global phenomena. “Climate change i...
6 Pages(1500 words)Case Study

Introduction to Change Management

Management often follows a “change management process” to change the existing process or activity.
Change management is a systematic approach for dealing with change that takes place in the organization as well as at the individual level. Such change management comprises of three aspects: adapting change, controlling it and finally affecting it. These three aspects of change management were well explained in three stages of change model given by Lewin (1952) and the three stages are “unfreezing”, “change” & “refreezing” (Orlikowski & Hofman, 1997). Another model for change was introduced by Prosci after conducting a research on more than 1000 companies from 59 countries....
7 Pages(1750 words)Case Study

Hybrid Leadership: A Theory of Action

The challenge that is brought upon us by the status quo is a function of many factors. The budget is among them. Instruction quality is both a result and a contributor—and many more. Nevertheless, not all factors are immutable. There are still some that may be manipulated to produce a better outcome. We will do so through effective educational leadership.

It is best to start by evaluating the leadership practices we are employing all these years. As we favor the Kaizen philosophy, this is an opportune time to revisit our former approach to leadership then compare it with today’s practices and procedures with a rethink of our leadership styles so as to equip our organization with what it needs to move forward...
7 Pages(1750 words)Case Study

Economic Analysis on BMW Cars in the US Car Industry

Mini and the 1-series rapidly grew at a much higher rate through 2008. Since the early days of the new millennium, BMW has been one of the first automakers to utilize flexible factories in which more than one vehicle model could be produced at the same time. This enabled the company to meet shifts in market demand more effectively than BMW’s competitors could. BMW challenges to retain its market position in the international market for luxury cars. Many automakers, such as Hyundai with its Genesis sedan or Nissan's Infiniti brand are increasingly successful in realizing higher margins earned on luxury vehicles. BMW is rated behind luxury brands such as Lexus, Porsche, Mercedes, and Infiniti for these reasons

1. Th...
7 Pages(1750 words)Case Study

The Quantum Change: Gradual Epiphanies in Two Novels

Although they might not seem very sudden to the reader, the necessary changes occur during the second part of each novel, and so qualify them in a literary sense as epiphanies.

Part A: The first novel is a first-person narrative, in which Ditie, a man of small stature, endures what might seem like a hard life in wartime Prague. Although at first reading, Ditie does not seem to have a complex or hang-up about his size, most of his experiences and stories are tinted with descriptions and narrations that seem to have this aspect of his appearance in the background. All through the book, the reader is aware this is a very small man who, although he does not try to compensate overtly, and seems all in all to accept his short...
9 Pages(2250 words)Book Report/Review

Multiculturalism: Socio-economic Impacts on Modern States

This paper tends to argue that multicultural policies have promoted social segregation and economic insecurity in modern states. As the most relevant example, it will also evaluate how multicultural policies have evolved to be the most recent threat to the nationality and cohesion of Australia and the United Kingdom.

To begin with, many of the policies enacted on citizenship and immigration have brought about incessant controversy in Australia. In addition, the exceeding emphasis put on the multicultural policy has given rather unfavorable outcomes to both Australia and the UK. Policies that are intended to ensure equal representation and opportunities often create frustration and disappointment among certain interest g...
6 Pages(1500 words)Case Study

Organizational Change and Development at IBA

The results revealed that the employees had no incentive for working in an innovative way and they were not compensated in the right manner. The clients were not given any incentive to return, therefore, most of them went to the competition. The employees working over three years were given special benefits if they sign a contract to work for the organization for at least 3 more years. Employees were given training sessions for better customer experience. Informal dinner or lunch each was scheduled each month in order to enhance the level of communication in the organization. Ten months after the implementation of these changes, the consultants returned for evaluation and found that the results have shown a successful change in th...
7 Pages(1750 words)Case Study

Globalization and Business Enterprise: Climate Change

Since globalization encompasses political, economical and environmental issues, there has been much debate amongst companies on how resources are to be allocated in order to minimize climate change. Climate change is being dealt with on a global scale. The “Green investing is on the rise”, where investors are buying stocks that are environmentally friendly. New Zealand, like other countries, is supporting the cause for environmental protection by legislative measures in trade, bills regarding carbon emissions and by being part of agreements with the UN and the Kyoto Treaty.

Climate change and globalization are intricately linked. With the passage of time, many environmental issues, like global warming, have...
6 Pages(1500 words)Coursework

Economic and Social Impact of Globalization

Global corporations are heightening their awareness of the nature of their business relationships with diverse governments considered of primary importance to manage factors influencing their performance. From among the elements that global organizations closely and continuously evaluate, the social and economic impacts are considered of significant importance. As the components and diverse perspectives of globalization affect both the host organizations and those nations they do business with, this research aims to proffer significant social and economic issues that impact global strategies.

The concept of globalization encompasses theories beyond the traditional view that global corporations merely do business abroad....
7 Pages(1750 words)Coursework
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Term Paper on topic Economic Theory and Technological Change for FREE!

Contact Us