14Lecture - Lecture 14 Innovation and Adoption What is...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Innovation and Adoption 15:55 What is Technology? Simply technology or innovations is defined as “new ways to achieve tasks” In economics, technology implies changes to the production function that alters the  relationship between inputs and outputs resulting in improved efficiency In agriculture, this implies changes to agricultural inputs ( eg, seeds, water, fertilizers)  that affect agricultural outputs (eg, wheat, corn, rice) What is technology? Types We often distinguish between process innovations, (new biotechnology procedures) and  product innovations (bt cotton) Types of innovation include: Mechanical (tractors) Chemical (pesticides) Biological (improved seed varieties) Managerial (Integrated pest management) Institutional (water users associations) What is technology? Timing In the short run, technologies are inflexible, implying fixed input-output ratios In the longer run, investing in new technologies can change the input-output ratios (and  hence the production coefficients) For example, during the energy crisis, people slightly modified their cars, but the main  response to higher price of energy was less driving. Later on, fuel-efficient cars were  introduced. Examples of Technological Innovation
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 02/23/2012 for the course 373 363 taught by Professor Hochman during the Spring '12 term at Rutgers.

Page1 / 7

14Lecture - Lecture 14 Innovation and Adoption What is...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online