| John Spacey, April 16, 2016 updated on December 03, 2017
Technological change is a process of invention, commercialization and improvement of technology. It is an exponential or hyperbolic process whereby new technologies make the invention of new technologies easier and faster resulting in accelerating change. The following are common types of technological change.
Tools that allow people to produce more in an hour of work. For example, accounting software that freed accounting departments from cumbersome paper-based processes.Technologies such as automation that allows firms to produce more with a unit of input.
HealthMedicine, medical devices and other technologies that treat or prevent disease.Tools that help people to create, manage and share knowledge such as the internet.
EntertainmentTechnology such as games that transform leisure time.
SocietyTechnology that directly or indirectly changes societies such as social media.
PoliticsChanges to the way that people track current events and form political opinions using information tools.Culture is a stabilizing force that doesn't change easily. Nevertheless, technology changes culture over time. For example, 20th century American culture was greatly influenced by technologies such as the automobile and television.Technology creates economic shifts. For example, automation may cause short or long term disruptions to labor markets.
IndustriesTechnology creates new business models and disrupts old ones.
EnvironmentTechnology may create waste that harms ecosystems, the climate system and quality of life. In theory, technologies such as renewable energy can also reduce some of this impact.Transportation tends to become faster and safer with time.
Technological advancement is associated with a higher quality of life in areas such as working conditions, safety and health. Not all technological change improves quality of life as demonstrated by issues caused by technology such as poor air quality.
This is the complete list of articles we have written about industries.
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