Effects Of Technology On The Economy

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Technology has come a long way, from delivery messages by horse to just picking up a cell phone. Technology is becoming a major role in all aspect of our modern lives. Typically, the effects of technology can be seen in economics around the world. Advances in technology can be linked to increases in manufacturing that affect the country’s Gross Domestic Product (GDP) and creating jobs to help lower unemployment. While a lot of technological advances are in regards to process improvement like industrialization that seems to eliminate unskilled positions, technology helps produce other skill positions that offer higher pay and better opportunities. In Gordon Reikard’s article, “Stimulating Economic Growth Through Technological Advance,” he offers…show more content…
Kvochko’s article focuses more on information communications technologies (ICT) which is more on communication devices like mobile phones, computer hardware/software, and satellite systems, etc. She sees on information communications technologies as a huge part of the growing technological economy since nearly 40% of the world’s population is online. Many advances in ICT not only help current businesses but can also expand outgrowth as well. As smartphones takes more control in the mobile phone market newer application of programming is popping up almost every day. These advances have not only increased employment but also created different industries as a result. This is one of the reasons that technology is so significant to economic growth. ICT have also inspired other establishment of a global market that didn’t exist before. Through the online marketplace citizens and businesses of all countries/world you can buy and sell goods to anyone in minutes; by doing so it increase the economy’s trade exchange. This digital global marketplace connects individuals in fulfilling their needs and also becoming part of the foreign exchange market; transferring money from one currency to another through online payment services. Kvochko also talks about business innovation in her article, which is a direct result of the connectivity that ICT provides throughout the…show more content…
Better vehicle emissions making the air we breathe better, newer ways of keeping in touch with friends and family; Facebook, Twitter and Instagram, etc. and in the case of these articles new technology helps our economy grow and all of us receive the benefits. Technology makes it possible for me to get my work done faster and have free time with my family; finishing my degree and get a better job, hopefully, earning more money. Technology is paramount for the growth and advancement of us as a community, a nation, and a
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