Structural and technological economics

51. What is the difference between technological and structural change? What are the pros and cons of each?

If a country, industry or market goes through changes in its structure it is evident that there has been a change in the way it operates. The inherent dynamism of the system is key to bringing about structural changes. Technological innovation and new economic trends, global shifts in the reserves of capital and labour as well as shifts in resource availability changes in demand and supply and changes in the political environment can all be considered common triggers for structural changes (Cheng and co. (2018)). However technological changes are an increase in effectiveness of a process or product which results in the production of more, but without resultant in any increase in the input. This is the intended effect of a technological improvement. In a different way someone creates a new technique or product or alters one that is better. This can be utilized to boost income with the same amount of exertion. Cont…

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