Index > Tech. Innovation > 2021-02-04: What is Technology?
Today is a Thursday - Tuesday’s class was moved to today due to Prof traveling. Next class will be in-person during the normal time.
Discussion Posts - there is no word count, but Prof. does check to make sure all the questions are at least addressed. Discussion posts are worth 2 points each, and are not book questions - they are very open ended, there are no wrong answers.
Since this week was shuffled a little bit, there is no discussion post. However, not everyone has answered last week’s discussion; Prof. will leave it open for this week.
Prof.’s office hours are Wednesday mornings; Prof. is open to any questions.
There is a reading that should be completed by next Tuesday’s class.
This mirrors the business acronym “PPT” - People, Processes, and Technology (aka social, techniques, and tools)
We use technology to address needs and solve problems. Some technologies create their own need. They can be created in the face of a problem, or completely accidentally.
“If I had asked people what they wanted, they would have said faster horses.” - Henry Ford
Technology increases productivity, and therefore creates more wealth. A carpenter with a nail gun can build more houses than one with just a hammer.
\[\delta \text{Productivity}=\delta \text{Capital} + \delta \text{Labor} + \delta \text{Tech}\]If the productivity gain from the nail gun is worth more than the interest cost of a loan, then it is worth it for the carpenter to take out a loan to buy the nail gun.
Countries with more earthquake-proof building innovation have less earthquake deaths.
New technologies can also introduce new risks. Nuclear power generates nuclear waste, and refrigerators can leak coolant into the atmosphere.
After-class: video on disruptive innovation is on MyCourses
Technology and Policy both try to solve problems, and have impacts on each other.
Class next week is in person!
Index > Tech. Innovation > 2021-02-04: What is Technology?