technological change

Definitions

Economics

  • A change in a production function that alters the relationship between inputs and outputs. Normally it is understood to be an improvement in technology, or technological progress, and it is of interest in international economics for its implications for trade and economic welfare.

Health Economics

  • (written as Technological Change)
    This refers to new knowledge and inventions (see Patent) and generally falls into two classes: 'embodied technological change', when increased productive potential is created by the use of new or upgraded capital, and 'disembodied technological change', when the change takes the form of new methods of management, or marketing, or other processes. 'Capital' here includes human capital and might also include drugs, which classically embody new technologies.
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