A currently debated economic topic is the impact and economics of knowledge and technology in economics research. This paper analyzes the historical basis and assumptions in the current models for economic growth using technology. Nobel Prize winner Paul Romer makes the observation that, as an input, technology is a nonrival, partially excludable good in his 1986 paper, “Endogenous Technological Change,” By acknowledging this distinctive characteristic of technology, Romer shifts the discussion of economic growth from a Malthusian perspective to one of inclusivity, attributed to the expansive nature of ideas. This paper reviews the current state of the art in the economics of knowledge and technology and investigates the strengths and potential downfalls of the current research trends. In addition, this paper considers the direction in which progress is developing in this area of research and its impact on industrial and systems engineering.