Empirics of Technology: A Primer for Nota
What technology is in popular parlance is not what technology is to an economist. The ordinary mind thinks technology is the gamut of information communication technologies and everything else sophisticated enough to make all human actions and production processes easy and fast. This layman perspective is somewhat relevant to the economist, since ease of doing things can promote economic efficiency, productivity growth and economic growth Further to this, Merriam-Webster's dictionary presents notable definitions of technology: ■ The practical application of knowledge especially in a particular area; ■ A capability given by the practical application of knowledge; ■ A manner of accomplishing a task especially using technical processes, methods, or knowledge and new technologies for information storage; ■ The specialized aspects of a particular field of endeavour. To an economist, technology refers to the manner in which varied factor inputs in a production function are combined. Wh