Technology And Technology Essay

Long-run economic growth and the productivity of a population are tightly dependent, “growth of productivity is, in the end, almost the only thing that matters for the living standards of the population as a whole (Davies)”. Technology to the common man is just seen as a way to retrieve information easier and get work done quicker to make life easier. Most people who use technology in their daily life, do not realize the power technology has on economic progress of an economy. Many areas of economies are wildly understood and agreed upon by economists “but the future of technology on long-run growth” is one of the lesser developed concepts in economics today (Davies). The seismic change developing in both the availability and communication

That same advantage is now seeping into citizens in emerging economies, but at a much slower rate than the advanced world experienced (Davies).When you increase the flow of ideas to others the rate of technological advancements will increase. This occurs as a result of individuals learning from others who are smarter or better informed; such as those who have past experience with the technology in the developed countries. “Science and technology are key drivers to development, because technological and scientific revolutions underpin economic advances, improvements in health systems, education and infrastructure (Chetty)”. Technology is far more than just tangible things and all forms of technology can grow the economy. Intangible assets such as human capital, software, or infrastructure also raise the standards of

“As the literacy rate increased about 1.2% each year, the overall technology usage in the selected developing countries also increased at about 1.5% each year (Miah).” Education helps increase human capital and makes the population more productive because even if a nation has the money to provide access to technology without the appropriate training it will not be of use. However, appropriate training cannot be implicated without the population having basic education first. Achieving the requisite technical training in developing nations is easier said than done; most developing countries face several key obstacles in educating their