A comprehensive study of technological change

Article by Scott Murray: The societal impacts of technological change can be seen in many domains, from messenger RNA vaccines and automation to drones and climate change. The pace of that technological change can affect its impact, and how quickly a technology improves in performance can be an indicator of its future importance. For decision-makers like investors, entrepreneurs, and policymakers, predicting which technologies are fast improving (and which are overhyped) can mean the difference between success and failure.

New research from MIT aims to assist in the prediction of technology performance improvement using U.S. patents as a dataset. The study describes 97 percent of the U.S. patent system as a set of 1,757 discrete technology domains, and quantitatively assesses each domain for its improvement potential.

“The rate of improvement can only be empirically estimated when substantial performance measurements are made over long time periods,” says Anuraag Singh SM ’20, lead author of the paper. “In some large technological fields, including software and clinical medicine, such measures have rarely, if ever, been made.”

previous MIT study provided empirical measures for 30 technological domains, but the patent sets identified for those technologies cover less than 15 percent of the patents in the U.S. patent system. The major purpose of this new study is to provide predictions of the performance improvement rates for the thousands of domains not accessed by empirical measurement. To accomplish this, the researchers developed a method using a new probability-based algorithm, machine learning, natural language processing, and patent network analytics….(More)”.