The Evolution of Economic Structure Under Biotechnological Progress
نویسنده
چکیده
There are obvious gaps between long-term change of economic structure and its principle driving force – technological progress. History has shown the influence of technological progress on economy and current insights in technological development can almost foresee the coming technological waves in next 50 years, but their possible impacts on economy are not yet assessed. In this paper, we define that R&D investment drives the development of biotechnology, capacity building brings new bio-technical processes into sectoral production, new or old technical processes within a sector exchange their relative positions as phasing in and out, and sectors evolve or transform along time. An exercise on US economy will be done to assess potential influence of biotechnological progress in next 50 years.
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