The word ‘technology’ has become ubiquitous in today’s economy. It is used as a suffix to refer to the birth of a host of new startups in a given industry, as with ‘FinTech’, ‘EdTech’, ‘LegalTech’, ‘HealthTech’, and even ‘CivicTech’ or ‘SexTech’. Online advertising, which was once thought to be the whole of the digital economy, had to be rebranded as ‘AdTech’, one industry among many. It’s as if every company now wants to be called a tech company.

But ‘technology’ has also become a somewhat misleading word. The word tends to be confused with ‘innovation’ or something along the lines of ‘deploying new, scalable business models made possible by…