Tuesday, November 24, 2015

Is Tech Accelerating? (part 2)

Is the rate of technological change actually getting faster? It certainly seems so, from the perspective of a consumer, but notable economists seem to believe the opposite. They think that we have exhausted most of the easier technological advances and that genuinely new breakthroughs will take much more work, and much longer, to be developed. Technological change is actually very difficult to measure, as it requires a wide range of factors to be considered. When we think of technological change, we are obviously biased by the present and it is difficult to accurately assess all the changes that have happened along the way. Each type of change is different as well. In the late 1800's we experienced a mechanical revolution, but this is obviously a very different technological change from the information (IT) change we have experienced in recent years. Another difficult factor to measure involves the implications of an advancement. A new discovery may not be fully implemented or be practical until other discoveries are made that allow everything to come together into a larger, practical change. However, economists have devised approaches towards discerning our rate of advancement...

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