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Let's take the Solow output model
where A is thought of as an all-encompassing technology multiplier for capital K and labor L.
If I were to think about this formula in terms of the Category Theory, I'd propose that technology is a bunch of arrows that connect sets of K and L. I think this approach would take us directly to the Romer's understanding of technology in its one period incarnation.
Intuitively, technology is a set of "how-to's" that enable people and machines interact in an economy. The arrows include physical interactions, e.g. moving stuff on railroads, and non-physical institutions, e.g. private property laws.
where A is thought of as an all-encompassing technology multiplier for capital K and labor L.
If I were to think about this formula in terms of the Category Theory, I'd propose that technology is a bunch of arrows that connect sets of K and L. I think this approach would take us directly to the Romer's understanding of technology in its one period incarnation.
Intuitively, technology is a set of "how-to's" that enable people and machines interact in an economy. The arrows include physical interactions, e.g. moving stuff on railroads, and non-physical institutions, e.g. private property laws.
