Abstract
In the last chapter it was suggested that the assumption most destructive of the role of the entrepreneur is that of perfect knowledge of technology. In order to appreciate the full significance of this assumption, it is necessary to make a closer examination of the meaning of the term ‘technology’. As a first step, I shall make three important distinctions that help to define technology. Secondly, I shall consider the concept of technology used in neoclassical economics. Thirdly, this concept will be subjected to criticism on the grounds of its inconsistency with other neoclassical assumptions and with observed facts of the real world.
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© 1998 Harold Lydall
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Lydall, H. (1998). Technology. In: A Critique of Orthodox Economics. Palgrave Macmillan, London. https://doi.org/10.1057/9780230379879_3
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DOI: https://doi.org/10.1057/9780230379879_3
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-0-333-72542-9
Online ISBN: 978-0-230-37987-9
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