technological advance

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Technology and Economics
technological advance
progress
Schumpeter The perennial gale of creative
destruction is part of the modern economic system.
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Technological Advance in the 20th Century
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TECHNOLOGICAL TRANSFORMATION OF US ECONOMY
20th Century
Late 20th Century
21st Century
Advanced Industrial Economy (Manufacturing and
Agriculture)
Information Economy
Creative Economy
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Past and Future Technological Change
rate of technological change
0-1800
1800-1950
1950-2000
2000-
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• Technological advance begins to gain momentum in
  the 14th and 15th centuries
• Shapes breakdown of European feudalism
• Power of technology initially understood as
  "natural magic"
• John Wilkins Mathematical Magic
• "Any smoothly functioning technology will have
  the appearance of magic." - Arthur C. Clarke
• Francis Bacon and other thinkers lend further
  impetus and legitimacy to technological advance
  and its power of social change.

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• James Hargreaves invents the spinning jenny,
  altering the course of history and the landscape
  of a global economy
• Robert Boyle and James Watt
• Factory as new social institution transformation
  of "putting-out system"
• Incredible gains in material productivity, but
  new social problems appear
• Luddites and Neo-Luddites

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• Technology is one of humankinds unique means of
  securing its existence.
• Water in Southwest Oklahoma.
• Veblen Technological advance is driven by
  individuals and their desire to be creative
  human beings are by nature problem solvers.

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Output and Living Standards 2000BC - 2000AD
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US Industrial Revolution (1870)
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Political processes
Natural processes
Technological change
Cultural processes
Economic processes
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Social Impact of Technology

• On traditional ways of life
• On spirituality
• On the individual in society