Technology and economic development. , Author at Fair Observer 2022-10-29
Technology and economic development Rating:
Technology and economic development are closely intertwined. Technology drives economic development by increasing productivity and efficiency, leading to economic growth. At the same time, economic development fuels the development and adoption of new technologies.
One of the ways in which technology drives economic development is by increasing productivity. As technology improves, businesses are able to produce more goods and services in a shorter amount of time, leading to increased output and profitability. This increased productivity allows businesses to sell their products at lower prices, making them more competitive in the market and contributing to economic growth.
Technology also leads to economic development by improving the efficiency of production processes. For example, the use of automation and robotics in manufacturing can reduce the time and labor required to produce goods, leading to cost savings for businesses. This can also increase the quality of goods, as machines are able to produce products with fewer defects than humans.
In addition to increasing productivity and efficiency, technology can also create new industries and markets, leading to economic growth. The development of the internet, for example, has led to the creation of a vast array of new businesses and industries, including e-commerce, online advertising, and social media.
On the other hand, economic development can also drive the development and adoption of new technologies. As a country's economy grows and its citizens become wealthier, they have more disposable income to spend on new technologies and innovations. This increased demand for technology drives companies to invest in research and development in order to meet this demand and stay competitive.
In conclusion, technology and economic development are closely intertwined, with each driving the other. As technology improves, it leads to increased productivity and efficiency, which drives economic growth. At the same time, economic development fuels the development and adoption of new technologies, creating new industries and markets.
TECHNOLOGY AND ECONOMIC DEVELOPMENT: A LITERATURE REVIEW
Public Policy 15 4 , 217 1988. Kindleberger observed that major part of this increased productivity is due to technological changes. Many authors in the field of technology management mention this impact on economic development as a motivator for their technology oriented study. . Public Policy 15 4 , 249 1988. In the same fashion, more production can be produced at other levels of capital intensity.
In countries such as Nigeria, Egypt and Indonesia, micro-entrepreneurs generate 38% of the gross domestic product. Transfer Commercialization 4 2 , 172 2005. As a convenience to you, Fair Observer provides buttons that link to popular social media sites, called social sharing buttons, to help you share Fair Observer content and your comments and opinions about it on these social media sites. Bernstein , The Birth of Plenty. Wireless communications also plays an important role in education and training. Ramanathan, Technovation 16 10 , 561 1996. This may, however, be a characteristic feature of the US economy in its present stage of development.
This research should explore the role of information technology both as an intermediate input in production and as a final good in consumption. The impact of technological change on production functions can be illustrated with the help of following diagrams. A survey undertaken by the United Nations Development Programme UNDP found that 55% of women around the world earned additional income due to owning a mobile phone, and 41% increased their income and professional opportunities. Technology in its strict sense is the body of knowledge about the industrial arts, applied science, engineering and so forth. Please consider supporting us on a regular basis as a recurring donor or a sustaining member.
This technique also provides simulations for the short-term and long-term trajectories under exogenous shocks. Transfer Commercialization 6 4 , 250 2007. The sharp decline in the price of computing and communication- about 20 per cent a year in the case of computers-is, however, bringing this technology within the reach of many, if not yet all, developing countries. A nation that spends more on science and technical research will tend to grow faster than another country accumulating more capital but spending less on technological. Feldman , The Geography of Innovation Kluwer Academic Publishers , Dordrecht , 1994. Technological advancement and economic growth are truly related to each other.
Wireless communications broaden access to information, improve capital access, overcome geographic limitations, and expand market access. The paper contributes to the management of technology field by summarizing different views that relate to technology and economy. The quantity of capital per worker remains at Rs. We have no paywalls and no ads. This article aims at exploring the empirical evidence regarding the effects of increasing returns to scale and international technological diffusion on the Brazilian manufacturing industry. Gray , Innovation U.
The concept that technological progress is more important than capital formation is illustrated with the help of production function in the diagram 6. The achievement of sustainable development requires careful use of sustainable technology so as to avoid the damaging effects to health and the environment that accompanied the introduction of technology and economic development in Europe and North America. New technology also may help to increase the health of the nation, boost educational facilities and enhance transport and communications, and developing countries see a close link between technology and economic development. Sustainable development requires the use of green technologies and careful planning for employee. In short, mobile technology offers extensive help on various forms of social and economic development. In centrally planned economies, some factors influencing technological change are rather different, as are the actors in the innovation process. In Kenya, the Farmers Helpful Network FHN gives agricultural producers access to the latest research through their mobile phones.
Thus, it is the technological progress which keeps the economy moving. ADVERTISEMENTS: The growth of net national income in developed countries cannot be claimed to have been due to capital alone. This share goes up to 25 per cent when investment in information processing equipment is included. Technology and Economic Development. Durlauf Elsevier , Amsterdam , 2005. In the figure 6, OP represents the production function which rises to OP,, OP 2 and OP.
This process is experimental and the keywords may be updated as the learning algorithm improves. They may collect and use personal data as described in their respective policies. The observations are on a three-month period basis and the sampling period runs from the second half of 1976 to the second half of 2000. In the first figure 4 the country A concentrates on accumulation of more capital resources while in second figure 5, country B focuses attention on technological aspects but does not regulate the accumulation of capital. Only 30% of those who live in developing African nations have bank accounts. Transfer Commercialization 6 4 , 212 2007.
What Is the Relationship between Technology and Economic Development?
The type of digital cookie information collected during your visit and any derived data cannot be used or combined with other information to personally identify you. If people can transfer funds quickly and efficiently, it becomes easier for small and medium-sized businesses to sell their products. Transfer Commercialization 3 4 , 433 2004. We use Vector Auto Regressive VAR for testing the model. With the advent of the ECEP, agricultural producers gained access to external buyers and were able to negotiate better prices. This is largely due to the nature of the process.