The analysis of economic aspects of technological change is a fairly novel preoccupation of economists. Until recently there has been a conspicuous disregard of this topic by economic theorists, despite its recognised importance in industrial competition and economic growth. As Jewkes et al. (1969) point out, future historians will no doubt find it remarkable that so little systematic analysis was conducted in this area in the first half of the twentieth century. While the post-war period has seen a gradual development of active interest on the part of economists, it still remains a comparatively neglected topic.
KeywordsResource Allocation Technological Change Neoclassical Theory General System Theory Empirical Hypothesis
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