Technological change and innovation in what?

Technological change refers t change in the technology that we are using today where as innovation means that creating something new....

Technology makes production factors more efficient. Invention of new technology can be applied in many fields.For example, technology in painting can make painters paint more in a given time period so that shifts production function. Then, all factors in production will be more productive. Production factors are labor, capital and land and raw materials. Innovation is making new invention commercially buyable and make profit. There are many inventions that are not commercially utilized. Some people recognize the value and others do. Digital technology was invented by Kodak, but not commercialized by Kodak.

Not all innovation contributes to profit. Invention of new technology and patent can be utilized for production of goods and services. For example, IT (information technology)

makes us more productive which means that we can get done more work per unit of time. According to Schumpeter, innovation is the source of profit.

Technology improves the total factor productivity (TFP) of production. Companies may differ in total outputs for the same input due to technology differences. If a new technology invention is introduced in a company for a new product or service,

then the company made innovation in the product or service.

Innovation is the succesful exploitation of novel ideas (Dpartment of Trade and Industry, UK).

Technology, usually there is no standard definition of technology, but I define it as "the tools, techniques or processes used to carry a specific task"

A technology can be an innovation and innovations can be technologies, yet not all innovations are technologies.

For example, the technology used to write on a piece of paper is the pencil. another technology is the pen, and a more advance technology would be a printer. They are all methods that can be used to write on a piece of paper.

An innovation would be to exploit a new ink color, pencil shape, paper type etc, or finding a new method to write on a piece of paper.

Hope this works.

I agree with  most of  the aforesaid.  Put in another way, technology is the means by which we humans do things better than  ever before. So, a new technology which enables us to do something quicker, faster, or more precisely is a technological change. When an artifact (physical entity)  or process is created using the technology,  we have what is called innovation. The innovation itself can be incremental or radical, and it would be radical if it allows us or does things in an entirely new way, often in a unexpected way. There are technologies which may not  pursued to the point of  creating a commercially viable innovation. We can then speak of a technology orphan. So there you have a technology which  does  not,  is not successfully commercialized. Is it then appropriate to talk of innovation? An  entrepreneur has created a motor scooter, whose body is made from processing a plant. The scooter is not new, but having a scooter made from plant material (hemp) is in my view innovation, with the body work being made by converting plant material. We can argue that some technology was needed to convert the hemp plant; we could also say using the hemp plant is in some way a technology change – there may be others who might disagree…

In brief summary .... technological change is given by the substitution of a technology on the other, innovation is given by the adaptation of this new technology to your company. You can change the technology without there with this innovation.

Technological change refers to alterations in methods of doing things while innovation is mainly about coming up with and implementing new viable ideas and may include improving on the already existing thoughts.