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The Framework of Decision for Major Technological Innovations

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Explorations in Managerial Economics

Part of the book series: Studies in Management ((STMA))

Abstract

Our surprisingly limited understanding of the processes whereby technological progress is effected may be traced in part to the long prevailing belief that each major technological advance was essentially unique, being ascribable either to inexplicable genius or to an extraordinarily lucky accident. Oddly enough, however, growing realisation of the organised structure of science and increasing success in extending its boundaries have likewise failed to enrich our grasp of how technical advances take place— no longer because these are still regarded as incomprehensible, but because they are now assumed to be quite transparent. Thus, technological gains are widely regarded as the virtually inevitable product of organised research and development, with reasonably regularised yields roughly proportioned to the resources applied and effects centred around the guiding objectives of improved products and lowered costs.*

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  1. Case Western Reserve University, Cleveland, Ohio, USA

    Bela Gold B.S., Ph.D. (Timken Professor of Industrial Economics)

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  1. Bela Gold B.S., Ph.D.
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© 1971 Bela Gold

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Gold, B. (1971). The Framework of Decision for Major Technological Innovations. In: Explorations in Managerial Economics. Studies in Management. Palgrave, London. https://doi.org/10.1007/978-1-349-00295-5_10

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