Chapter 8 Technical changes in economic development: selected issues in the context of Austrian economics
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Technological changes capabilities both in research and applied aspects and improvement of the technological structure are main problems in economies development. Enterprises couldn’t create technological changes without more institutional support, but they couldn’t apply effective innovation solutions without a free market. That is why it seems that economic system functioning and especially economic policy might become a crucial factor determining the nature and dynamics of technological development processes. Research and development of new technologies and their transfer should support modernization processes in companies and the creation of development opportunities for the national economy as a whole. Those processes should in turn accelerate technological convergence.The main aim of the paper is to describe and interpret two processes: 1) the impact of the institutional changes and market environment on the changes in the circumstances of technological process, and 2) the role of technology and capital in the formation of the economic system. Both processes will be assessed mainly in the context of the assumptions of Austrian economics. First of all, through the achievements of Carl Menger.

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