In its broadest sense, technology is the flow of new ideas that are being researched and, if promising, enter a stage of development aimed to turn them into novel and useful products. This flow of ideas, and of technology’s output, is the only way of getting annual growth rates that sustain and improve the peoples’ standard of living.

From the beginning of the recorded history, the progress of mankind has been characterized by certain outstanding advances in science and technology. Discoveries and inventions were always the oil greasing the wheels of progress. In modern times, which practically means since the mid-nineteenth century, advances in technology have become the scope and effort ...

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