Evolving Concepts of Technology in Economics

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Essay #: 068918
Total text length is 19,508 characters (approximately 13.5 pages).

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The beginning:
Evolving Concepts of Technology in Economics
The current state of commerce and economics could not possibly exist without the technological advances that have occurred over the past 100 years. When David Ricardo wrote Principles of Political Economy and Taxation in 1817, the British had just adopted the gold standard. Ricardo (1817) wrote of the difficulties of acquiring guineas for exchange. He described how guineas made several trips during the process of being obtained at the exchange bank and then conveyed to the country bank. Each time an exchange occurred during the guineas’ journey from exchange bank to country bank, risk, expense and time were incurred (Ricardo, 1817). In today’s economics environment, funds are wire transferred or...
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