The take-up of new technology by firms or consumers. A high rate of adoption is linked to economic growth. It has been argued that successful technologies are now adopted much more quickly than in the past. For example, it took 40 years for the telephone to be adopted by 40 per cent of US households but only ten years for the smartphones to achieve the same level of adoption.
Reference: Oxford Press Dictonary of Economics, 5th edt.
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