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Contrary to much popular opinion, technological advance seems to follow an evolutionary rather than revolutionary course. ("If I have seen further...
1. Contrary to much popular opinion, technological advance seems to follow an evolutionary rather than revolutionary course. ("If I have seen further it is by standing on the shoulders of giants.") Which characteristic(s) is (are) typical of technological evolution?
a. Co-evolution of technology and industry structure. This is evident in the typical decline of entry and concentration as a technology matures.
b. A small, isolated group (analogous to an isolated population in biological evolution) develops a unique insight or chance adoption by its environment leads to a new approach. Later, other applications in other environments are discovered.
c. Technology is best understood as both a body of practice (or artifacts) and a body of understanding. Efforts to advance practice are informed by understanding but are often at least partly "blind" because of uncertainty on the margins of understanding
d. A range of institutions is typically involved, including business, government, and academic institutions. This fact supports the study of innovation systems.
e. All of the above are typical
2 . All other things being equal, the more risk averse (less willing to bear risk) that an agent is:
a. The more she will seek a high value for s (the fixed component of compensation)
b. The more likely she will be to seek a high value of b (share of output)
c. The more likely she will be to shirk and risk being fired
d. None of the above
