technical change

S. Metcalfe
From The New Palgrave Dictionary of Economics, Second Edition, 2008
Edited by Steven N. Durlauf and Lawrence E. Blume
Alternate versions available: 1987 Edition
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Successive transformations of economic society from agricultural to industrial form and beyond to the service economy have consolidated a process of economic change with its own inner logic of tremendous power, a logic which harnessed continual technical and organizational innovation to the pursuit of profit. The intertwining of emergent knowledge and economic adaptation within the instituted frame of modern capitalism is at the core of economic self-transformation. This article treats this topic in three parts: the relation between new knowledge and economic transformation; some consequences of technical change; and the residual productivity debate.
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How to cite this article

Metcalfe, S. "technical change." The New Palgrave Dictionary of Economics. Second Edition. Eds. Steven N. Durlauf and Lawrence E. Blume. Palgrave Macmillan, 2008. The New Palgrave Dictionary of Economics Online. Palgrave Macmillan. 16 January 2018 <> doi:10.1057/9780230226203.1690

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