St Louis Business Daily

what is the defination of Technological Change?

Public Comments

1. Over a certain period of time the demand for certain technologies rise and fall, especially if new technology is introduced. An excellent example is before the turn of the previous century, almost everyone owned a horse and a buggy. Thus there was a healthy demand for the technology required to design and manufacture buggy whips. With the advent of the horseless carriage, the demand for buggy whips evaporated almost over night, especially with everyone trying to sell used buggy whips. Buggy whips are still used, but mainly to illustrate Technological Change.