Changes

high tech: You know it when you see it - it's Apple's iPhone 6S, Amazon Prime's 1 hour product delivery, it's a minute computer grid chip with blinking lights and beeping buttons. But how can you universalize the definition of "high tech firms"? What are the characteristics of companies like Amazon and Apple?

One of the best definitions of this vague "high tech" comes from the [http://www.kauffman.org/~/media/kauffman_org/research%20reports%20and%20covers/2014/02/declining_business_dynamism_in_us_high_tech_sector.pdf Kauffman Institute], which defines a high-tech industry by "the presence of four factors: a high proportion of scientists, engineers, and technicians; a high proportion of R&D employment; production of high-tech products, as specified on a Census Bureau list of advanced-technology products; and the use of high-tech production methods, including intense use of high-tech capital goods and services in the production process."  Business dynamism: the dynamic process of firms entering and exiting the economy