General-Purpose Technology
An economic concept referring to foundational technologies that permeate a wide range of industries and drive broad improvements in overall economic productivity. Historical examples include electricity, the internal combustion engine, and information technology.
Timeline (last 90 days)
Historical experience shows that the employment impact of general-purpose technologies often takes decades to fully manifest; electricity and computers both went through similar timescales.
General-purpose technologies (such as electricity and the internal combustion engine) often require decades of organizational change and process reengineering before significant productivity gains are reflected in macroeconomic statistics.
All Facts (2)
Historical experience shows that the employment impact of general-purpose technologies often takes decades to fully manifest; electricity and computers both went through similar timescales.
50%UnverifiedGeneral-purpose technologies (such as electricity and the internal combustion engine) often require decades of organizational change and process reengineering before significant productivity gains are reflected in macroeconomic statistics.
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