TECHNOLOGICAL FACTORS
The impact of technology on a social system is considerable. “Historically,” according to Masten et al., “overall business increases in technological capability have explained 25% of the increase in national income.” The innovations and inventions to make firms more efficient and more competitive are on ongoing source of new venture creation.
In the Information Age the use of technology in conducting business is important, but of more importance is the use and application of knowledge. “Knowledge itself, therefore, turns out to be not only source of the highest-quality power, but also the most important ingredient of force and wealth.”