What’s technology got to do with the economy? [Video]
When economists think about technology, they think about anything that helps us produce things faster, better or cheaper. Economists are really nutty about production. Production in economist-speak is how we go about making all the stuff we use (from goods like cars to services like divorce lawyers).
Traditionally, economists have worked on the assumption that the more production we have, the better. When they talk about economic growth, they literally mean that the amount (or value) of stuff an economy produces has increased.
If economic growth is your only endgame, you’re always going to be a fan of new technology. But what if you're less concerned about economic growth, and more concerned about things like economic inequality, the environment, or improving everyone’s happiness?