Technology is the application of scientific knowledge in industry. It is the development of machinery that utilizes this knowledge. According to W. Brian Arthur, who wrote "The Nature of Technology" in 2009, there are three conceptions of technology. One of these conceptions focuses on MIT's technology. Another view focuses on the applied sciences.
Schumpeter's 'technology'
If you're interested in the process of technological change and innovation, then you might want to read some of Schumpeter's technology articles. These articles describe how technology advances and shapes markets. As a result of the emergence of new technologies, companies are faced with the need to innovate and find new ways to serve consumers. In a free market, new technologies can be generated through invention, innovation, and diffusion. Many popular innovations have gone through these stages. For example, Chester Carlson invented the Xerox photocopier after he was frustrated by the difficulty of copying legal documents. However, the industry had little interest in furthering the development of this new invention, so he started the Battelle Corporation, a non-profit dedicated to helping inventors.
In the long run, the margin of competition is most likely to come from innovations that change the way products are demanded. For example, cell phones with cameras are a prime example of a new type of consumer technology.
Luddism's 'technology'
Technology is one of the most powerful tools in the era of Luddism. It allows society to advance at an unprecedented pace. Yet, Luddism rejects the use of technology for personal benefit. In their view, technology should be used for the benefit of society.
Neo-Luddism often creates bleak predictions of the impacts of new technologies. However, their ideas lack a clear and consistent vision of how future technology will affect the human condition. They often predict societal collapse if technology is not modified or reformed
additional hints.
The origins of Luddism lie in its opposition to job losses. This resulted in a labor movement in which angry English workers destroyed machinery. Eventually, the government put an end to the Luddites' work, and many were executed. As time passed, Luddism's definition shifted from being a reaction against technology to being a more puritanical response to modernity.
While many people would agree that the free market should determine technology, Ludd and his cadres argued that technology should be democratically adopted and used for the public good. Ludd also emphasized the importance of prioritization, social needs, and resource allocation to determine the use of technology.