technological change

Technological change (TC) is a term that is used to describe the overall process of invention, innovation and diffusion of technology or processes.From The New Palgrave Dictionary of Economics, 2nd ed. (2008) with abstract link: “technical change” by S. Metcalfe. “biased and unbiased technological change” by Peter L. Rousseau. “skill-biased technical change” by Giovanni L. Violante. The term is synonymous with technological development, technological achievement, and technological progress. In essence technological change is the invention of technologies (including processes) and their commercialization via research and development (producing emerging technologies), the continual improvement of technologies (in which they often become less expensive), and the diffusion of technologies throughout industry or society (which sometimes involves disruption and convergence). In short, technological change is based on both better and more technology.