Technology and Economics

Engineers need economists’ insights about the marketplace to understand how economic forces shape the environment for technological innovation. Just as important, economists must come to understand the power and process of technological change in industry. Technology and Economics defines the common ground for this ongoing dialogue between engineers and economists. This book presents the views of some of the leading U.S. economists and technologists who have worked to deepen understanding of the interactions between technology and economics. It explores topics relating to economic growth and productivity, the relation of technical progress to capital formation, investing in productivity growth, the relationship between technology and the cost of capital, future challenges to agricultural research, and innovation in the chemical processing industries. Industrialists and technologists, as well as economists, will find this book useful as an overview to issues of common concern.