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From the early beginning of the human era, technology has been one of the most essential and most important factors for development of one mankind (Coombs et al, 1989, p.3). During the last two hundred years, technological change has often been related to the economic growth in form of new types of goods and services. Adam Smith in The Wealth of Nations (1776) wrote about technical change in the form of new machines as one of the three important causes of increasing incomes. Technical change played a big role in�Solow�s�production function (1957) and�Sahal�s�theories of economical growth (1983). Payment Protection Insurance Lloydstsb Marx argued (1867) that the use of machines was a��strength of the capitalist system, because it allowed vast increases in productivity. This paper will also discuss about some major technical and technological changes. The main attention is concentrated on the diffusion of information technology, particularly in the banking sector.
