Brad DeLong — Technology: Its Identity, Its Diffusion, and the Near-Bankruptcy of Modern Economic Theory

Deconstructing technology.

Technology is more than neat stuff. Obviously, it's dependent on technological know-how, now being touted in education as STEM.

However, it is more than technological know-how, too. It is organizational ability. The great generals (strategos means general in Greek) of the past showed this to be the case in defeating more numerous opponents. It was the secret of the Roman empire that allowed them to dominant the known world in their day.

Management is an integral element of capital. The early capitalists possessed it themselves, and the later ones have hired it and cut it in to the return on capital. This clearly has an impact on capital share versus labor share.

WCEG — The Equitablog
Technology: Its Identity, Its Diffusion, and the Near-Bankruptcy of Modern Economic Theory
Brad DeLong