Does technical progress rule economics or other way

round?

In the past… …now

Is laziness the engine of progress?

1901The airplanes are amusing toys, but they are worthless for military objectives.

French marshal Ferdinand Foch

1943I think there is a world market for

maybe five computers.chairman of IBM Thomas Watson

on seeing the first mainframe computer

As for economically sound the names of technical progress

innovators are often unimportant.

can ably unite scientific achievements and

economical principles

take the lead

can combine factors of production in new special way

clearly understand the significance of technical progress and can efficiently motivate it

Nowadays market winners are people who

entrepreneursThese people are

Microsoft

Standard Oil Company

Ford Motor Company

Swarowski AG

Uniting both technical progress and economics we get difficult process which is

divided into three stages:

The creation of new product or production technique and receipt/receiving the first proof of its viability is the invention.

What if…?

The innovation is the first successful adoption of a new product, new production technique or creation of new business forms.

The last stage is diffusion when companies start to copy the most successful innovations.

International diffusion of technical progress enable to

develop our world as fast as it can possibly happen.

Thank you!