technology

• Technological change in production

  • automation
  • digitalisation
• Technological change advantages

  • increased productivity -
  • lower cost - EOS
• Impact on product development and markets

  • new products
  • new market
  • new industries
• Influence of technological change market change on market structure:

  • creation of oligopolies
  • globalisation
• Invention:


  new law developed from science new knowledge developed in pure science
• Increase productivity = decrease costs = increase contestalibilty = affect methods of production = create new production
• Creative destruction: Creation of new tech destroy/ replaces old technology
• Creative destruction:


  THEORY DEVELOPED : JOSEPH SCHUMPETER