What Is Technological Change And Innovation Of An Economy?

Technological change denotes changes in the processes of production or introduction of new products or services. Process inventions that have greatly increased productivity were the steam engine, the generation of electricity, the internal combustion engine, the wide body jet, the photocopier machine, and the fax machine. Fundamental product inventions include the telephone, the radio, the airplane, the phonograph, the television, and the VCR. The most dramatic technological developments of the modern era are occurring in electronics and computers, where today's tiny notebook computers can outperform the fastest computer of the 1960s. These inventions provide the most spectacular examples of technological change, but technological change is in fact a continuous process of small and large improvements, as witnessed by the fact that the United States issues over 100,000 new patents annually and that there are millions of other small refinements that are part of the routine progress of an economy.
For the most part, technology advances in a quiet, unnoticed fashion as small improvements increase the quality of products or the quantity of output. Occasionally however, changes in technology create headlines and produce unforgettable visual images.