Technology change and the resulting increase in labour’s productivityis the major contribution of bourgeoisie. Yet, as the path and the velocity of technology’s evolution changes, the phenomenon induces systemic modifications challenging the very nature of capitalism itself. This in turn alters the role of the R&D and academic institutions in the modern society. The present paper contributes to this discussion. We follow a theoretical framework that combines epistemological and economic growth theories in order to suggest the induced changes. Next we discuss the modern role of academia and R&D. We conclude by presenting hypotheses for further research and discussing the induced policy implications.
Keywords: technology change, role of Academia, role of R&D-sector.
Date of submission 20.01.2017
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