2. Technology The leading sector currently comprises technological companies, who rely much more on human capital than on fixed capital in the form of steel, buildings, heavy machinery, etc. The development of software, for example, requires a lot of human skills and effort, but relatively little fixed investment. Insofar as technology is shifting the balance towards human capital and away from fixed investment, the ratio of expenditures on fixed capital to total revenues and output is likely to decline, possibly quite sharply.
