Economics, Science and Technology

Economists need to understand some fundamental aspects of science in order to measure and analyse the process of technological change. This book explores the interrelationships between economics, science and technology in order to find ways of improving economists' approaches to technical change.Dr Payson begins by offering a scientific critique of economic discourse and presents a unique, unconstrained and critical view of the behavioral differences between economists and scientists. The economic literature on technological change is analysed in order to assess economists' approach to science. The author then offers concrete solutions for the useful economic study of technological change including alternative methods of classifying data based on scientific principles, a characteristics approach to measuring physical capital, and a futuristic exploration into how artificial intelligence may improve economics.