Technology has long been recognized to be crucially important for economic growth and prosperity of societies. The role of technology in driving the world economy has magnified manifolds over the last few decades, with the emergence of a new economic, institutional, and technological architecture steering us towards a truly knowledge driven economy and society. The concept of technology has attracted the scholarly attention of economists for over a century, mainly exploring what constitutes technological change, and its consequences for economic development.

This book Demystifying the Economics of Technology: Perspectives on Development with Reflections from India is an attempt to introduce this extensive scholarly (and technical) literature on the economics of technology to interested readers. The book interprets how economists conceptualize technology through multiple layers of definitions and concepts. It also explores perspectives on technology through the writings of the classical economic thinkers as well as the emergence of technology in mainstream economic theory. Economic models of technology creation, technology diffusion and policy choices have all been explained at length. The book will address two popularly debated issues surrounding the economics of technology, namely the debate on Intellectual Property Rights (IPRs) and the role of public funded research. Finally, it will focus on the expanding literature locating technology in a discourse on economic development, with reflections from India’s experience with technology.

The book will be of interest to economists and non-economists – students, teachers, researchers, policymakers, journalists, engineers, scientists, technologists and corporate managers.