The first two Laws of Techno-Economics:

“Technology is the dominant engine of economic growth, with human capital investment in second place”

Professor Robert Solow, MIT,
Winner of the Nobel Prize in Economic Science, 1987.

“The roots of major industrial change lie in economics and technology”

Professor Wickham Skinner,
Harvard Business School, 1988.

What is Techno-Economics?

Techno-Economics (technology + economics) is the comprehensive, systematic joint economics and technology management sciences discipline for characterizing and integrating explicit, generic, quantitative and qualitative relationships that exist among technology (in all its forms), product / process / production systems, factors of production (capital, capacity, product specification, time, productivity, energy, labor, raw materials, components …), their market presence (volume, share, position, posture, potential …), their competitiveness (multi factor …), and their economic results in strategic and operational management of techno-businesses.

Techno-Economics is thus the comprehensive economics of innovation, in the development and deployment of science and technology in products, processes, equipment, systems and services, which drive techno-economic evolution.

Systematic, generic techno-economic characterization of the phenomenology of techno-economic evolution articulates and demonstrates the Specific and General Laws of Techno-Economics.

13 May 2017