This Investment Shift Also Contains a Second

Technology is a way to do things. It is often thought of as being embodied in a piece of machinery, but can also be more subtle - such as "just in time" inventory, or better ways to organize agriculture. Machinery-based technology is often called "hard", while technology based on better management or systems is called "soft." Quite a lot of growth can come from technology, as it allows each unit of capital and labor to be more productive. Constant upgrading of technology is increasingly necessary for industrial competitiveness and export growth.