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Factors in Economic Growth

  • USMAN AMINA BALARABE

TECHNOLOGY AND ECONOMIC GROWTH.

From the beginning of your energy, man has strived to boost his way and quality of life. The caveman discovered steps to make and use tools, developed a logical collection for activities and changed the techniques that added value to his life.

What is Technology?

The dictionary meaning of technology is; the branch of knowledge that deals with creation and use of complex means and their interrelation with life, contemporary society and the surroundings, drawing upon subject matter.

In other words technology can be identified as

  • the software of methodical knowledge for practical purpose.
  • the total of the means and methods of producing goods and services.
  • the purposeful request of information in the look, production and utilization of goods and services and in the business of human services.

What is Economic Growth?

Economic growth is the increase in market value of the goods and services produced by an economy. Financial expansion is the upsurge in a country's profitable capacity as assessed by looking at gross countrywide product (GNP) in a yr with the gross nationwide product (GNP) in the previous year.

How is technology related to economical growth?

Technology is the key and fundamental requirement of value addition to raw materials and people. It provides the key to unlocking any country's potential in conditions of decreasing over head costs associated with outsourcing and creating occupations.

Technology is considered the main of the three (3) of economical growth. Other individuals being capital deposition and population development (i. e labour push). Actually, no nation can form without technology.

The romance between technology and economic development has been captured in a vast number of formal models for half of a century.

Over the past several generations, the economies of the world have become increasingly associated, through broadened international trade in services as well as in principal produced goods, through profile investment such as international loans and purchase of stock and through direct overseas investment, especially for large multinational organizations. This all wouldn't be possible without technology.

Globalization is one of the very most frequently used words in conversations of development, trade and international politics economy.

As the proper execution of the term indicates globalization is a process by which the economies of the world become increasingly integrated, leading to a global financial policy making.

Technology has flipped the world to a global market.

Technology plays a simple role in wealth creation. Improvement of the quality of life and real monetary growth and transformation in any modern culture.

The usa emerged from an agrarian market in the 19th hundred years into an industrial superpower in the 20th century through improvements in technology.

Taiwan and Korea have exploited advances in silicon microelectronics from the first 1960's.

China and India have emerged as industrial leaders in developing and it respectively.

Life has been made a great deal easer because of technology. Invention of cars, roads proper building structures, job creation, treatments, education, nutrition, discoveries, reduction of death rate increase in birth rate, pcs, cell phones, electricity etc.

Health and education are tightly related in economic development. Education performs an integral role in the stableness of a developing country to soak up modern technology and to develop the capability for self applied sustaining progress and development. Health is a higher prerequisite for raises in output while successful education depends on sufficient health as well. Thus both health insurance and education can also be seen as essential to components of technology and economical growth, as source to the aggregate creation function. Their dual role as both inputs and outputs gives health and education their importance in economical growth.

Poor health condition could harm the productivity level of n market.

The electricity of populace is so superior to the energy of the planet earth to produce subsistence for man, that premature death must in some condition or other go to the people. The English cleric and scholar Thomas Robert Malthus in 1798 assumed that he rate at which the individuals was increasing he feared that the food being produced wouldn't be adequate to sustain the population. Being in this time he was he wouldn't have tot that technology would solve that problem therefore much more. Once again technology saving the day.

How ever as they say every good part has a poor area. Technology although has brought a lot of good stuff it also has its unwanted effects.

The growth of globalised development system may reduce the need in producing countries to create local capacities - MNCs copy a few of the factors the countries lack.

Given economies of range and agglomeration and cumulative learning, technical system will focus in a few sites. Economies of agglomeration boost the inequitable get spread around of global creation.

Technology could be potential contributors to degradation of the surroundings.

Technology innovations often make critical establishments or agricultural products uncompetitive or outdated. this puts countries which may have failed to assume change or whose market relies heavily on a few traditional production risk.

Those countries where manufacturing can be an important way to obtain career for uneducated staff face difficult educational and political challenges associated with the transition to manufacturing practices that tend to be more knowledge centered and specialised.

Exposure to new systems and to international culture and fashion may weaken long standing traditions and techniques. New technologies in some cases can help in the protection or exploration of local culture, but growing countries will require such preservation an active focus.

There is potential for the convergence of developed and increasing economies over the future. This can lead to a reduction in independence for developing countries.

A widening distance between technology "haves" and "have nots" maybe develop across countries and across socioeconomic groupings within countries. Such equity issues different rates of investment and development in several parts, can create unrest and business lead to the persistence of poverty. The distinction may change from "developed vs. developing countries" to "populations that are technologically adept and those that aren't and between inhabitants that are plugged into swiftly changing knowledge and the ones that are not".

Conditions that encourage that encourage technical progress.

An education system that motivates creativity and pursuit of scientific and technological knowledge.

An educated and labor force.

A network of capable research laboratories connected together abed able to access scientific and scientific information from exterior world.

Facilities for product development and quality control, including trials and strands laboratories giving an answer to international stands.

Critical technological resources, include machine retailers, perfection foundries, and computational facilities.

An industrial structure that will sustain a productive professional ecology in which small techcally focused and potentially impressive suppliers serve greater ones which have access to market segments resources.

Institutions or programs that link researchers and traders tp the users of the knowledge they generate, as well so shareholders.

A legal system to safeguard technologically creativity.

An economic coverage environment that stimulates research in development and investment in technology.

A reliable electric power network with good occurrence and amplitude control.

An adequate move, communication and telecommunications infrastructure

In Economic Growth, technology should be directed towards reduction of inequalities between advanced and developing countries and between various people within a country

Technology should make the natural and communal environment harmonious without really endangering the near future.

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