Nowadays, it seems like every day, an invention or idea is revealed. There are many influential devices that help people in their daily lives. It also has a great impact on our economy. Technological change is part of the economic process. The competition and the drive to find better and more efficient ways to produce goods and provide services. This leads businesses to take advantage of any technology that is beneficial for them. Technological innovation comes with a price, destroying some jobs while creating others. According to the classical economic theory, the accumulation of physical capital is responsible for increasing human productivity. More technological improvement means the more efficient production of goods and services and there is a higher growth in the economy.
Positive aspect of technological change:
Negative aspect of technological change: