Technology is society's pool of applied knowledge concerning how goods and services can be produced by managers, workers, engineers, scientists, and craftspeople, using land and capital. Innovation, in an economic context, is the introduction of new products, or processes. Productivity is defined as a measure of the rate at which output flows from the use of given amounts of the factors of production (Miller, 1996).
When technology is considered within the context of physical science, it is typically viewed as the application of physical science and engineering technology to human endeavors. This concept emphasizes device effects and procedures. When technology is conceptualized within the context of the behavioral sciences, it is viewed as the application of language and linguistics, communications, cybernetics, and psychometrics to human endeavors. The behavioral science concept of technology incorporates applications of engineering research (particularly human factors engineering), logistics related to the effective use of physical resources, and information science. Technology, thus, is the conscious invention of ways of acting on the material world to meet human needs (Miller, 1996).
Innovation is technological change. Technological change may involve improvements to non-human resources or new knowledge about how to combine resources. Technology is one of the means by which productivity may be increased within an economy, an industry, or an organization. The introduction of new technology into industries tends to lower production costs in those industries, over the long-term. Technology, thus, is indispensable with respect to growth (Miller, 1996).
Information technology encompasses computer and communications technology and their applications. Technological and theoretical innovations ranging from ranging from DNA computing to optical circuitry hold the potential to further revolutionize computing. The combin...