A Model For The Regulation Of Technology Innovation

Abstract

Technology has had an impact on society for centuries.  Martin Luther wouldn’t have stated the Protestant Religion without the help of Gutenberg’s Printing Technology.(Spar, 2001)  In the last few centuries the affect that technology has had on business and commerce has been increasing and at a more rapid pace, just within the communications area, the pace from Telegraph, to Telephone, to Radio, to Television, to the Internet, ad now Wireless.   We are now to a point that the economy is driven, to a great extent, by the technology that underlies it, and the changes to that technology drives more and more of the economic growth.  It is, therefore, important to understand not only how technology affects the economy but also how to improve the technology innovation process so that the continued growth of the economy isn’t stagnated but encouraged to grow at its fastest reasonable pace.  This paper lays out, first,  ways in which the economy is and has been affected by technology, second, how technology evolves and is incorporated into businesses and the larger economy, and third, a model for government involvement in this innovation cycle, in hopes that the cycle can run its most efficient and effective course.