This chapter is intended to provide the reader fundamental ideas and concepts associated with technology, technological progress and technological revolutions. It presents the process of technological progress as being revolutionary in nature. Additionally it explains how technology, society and economy are interrelated. It briefly discusses the phenomenon of the Information Revolution and information and communication technologies (ICT), explains why new information and communication technologies demonstrate advantage if compared with other, ‘old’ technologies’ and why ICT enhanced the emergence of the new techno-economic paradigm. Additionally it shortly discusses the phenomenon of the ‘network effects’ and explains their importance for the process of diffusion of technological innovations.