Abstract

The failure of neoclassical economic theories to explain the nature and significance of the phenomenon of technological change is critically looked at in this article. Although there are numerous excellent works in the literature on technological change that criticize the inadequacy of neoclassical economists’ approach to this phenomenon, my objective, however, is to open a new discourse on technological change by emphasizing the epistemological significance of technology. It is argued that the concept of technology as essentially a process of knowledge created for doing things and solving problems, and technological change as essentially a process of knowledge change occurring within the contexts of the political economic and social constructivist frameworks that inform the dynamics of this essentially qualitative process can address this failure. Empirically based analytical methodologies may be able to measure the impact of technological change, an evolutionary epistemology of technological change may be better equipped to understand and explain this phenomenon.