Technology and Innovation – Lessons from the Dismal Science

This article discusses some facets of technological innovation well known to contemporary economists and provides a useful basis to think rigorously about some societal problems arising from innovation. I review the role of innovation and economic growth, the evolution of the concept of disruptive technology, and the debate about technological unemployment. I hope to provide the lay person a more balanced view about technology and innovation in a time when news stories focus more on news worthiness than rigor.