In the field of economics, technological change means higher output per worker, the inventions and innovations brought by technological change pushes the production outward. These are changes in the set of the possible production potentials in a company. Thus, growth on the economy and industries are high. Largely, improvements have reached in our perception of innovation and technical change and but there are so much things to be done. People thought that they have done much in the development, but it is time that they discover more. Nevertheless, in addition to progress within the study of technological change, it is important today to understand how this can fit together with the rest of economics.
According to the Federal Reserve Bank of Dallas as the economy has moved from the industrial age to the information age, the driving force of innovation has excited some and frightened others. Personal computers, fiber optics, communication satellites, the World Wide Web and a host of other fascinating ideas have changed the way we work and play. Seemingly, overnight, new industries have popped up with a host of new jobs to offer, while obsolete industries and jobs have gone by the wayside. The paradox that innovation is both central to economic progress and, at the same time, the cause of many economic difficulties is called the churn. The churn can be frightening to those whose lives may change because of new technologies, but we should remember that change is necessary for progress.
Our challenge is to be prepared for the opportunities it affords us.
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