ABSTRACT
Technological change, brought about by the application of science to industry, is a prime engine of modern economic growth. The development of biotechnology is but one of the latest major types of technological innovation that has the potential to achieve a significant increase in economic well-being. However, while new technologies have the potential to reduce costs and improve quality, they may prove more profitable in some contexts than others, thus causing a shift in productive structures across regions and countries, in factor incomes, and in product prices. The net effects of technologies are complex and difficult to predict.
