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The technological change creates new items and new techniques of production. The development of new technical knowledge can be defined as the growth of new technologies which can produce goods and services at a lower cost of production.
The process of growth of technical knowledge can be divided into the following steps:
(i) the creation of scientific principles
(ii) Use of these principles for technical problems
(iii) Development for the use of technical inventions in commercial works.
The first step is the advancement of scientific knowledge, the second is the usefulness in the knowledge of a beneficial work and the third step is the commercialization of inventions called innovation. It has great importance in the process of development.
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