Importance Of Technology In Economic Development

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Technological development and management are considered to be key driving force in the development of any economy [8]. The economic growth of both developed and developing countries depends on it [8]. Hence, the concept of technology as a transformer for national development is jaded if not considered as a critical factor or element to be tackled by stakeholders in any nation. Consequently, what is technology? According to Oxford Advanced Learner's English Dictionary, technology is defined as "Scientific knowledge used in practical ways in industry, for example in designing new machine". But the term technology has different representations and meanings to different people and their culture. Also, according to abdulkaream, technology is defined as the "Art and science of applying man's knowledge in human endeavour's so as to satisfy man's needs" [9]. The International Technology Education Association defined technology as the "Use of knowledge, skills and resources to meet people's needs and wants by developing practical solutions to problems, taking social and environmental factors into consideration" [10]. Furthermore, Ibeanu and Okonkwo [3] defined technology as the "Systematic knowledge and action usually of industrial process but applicable to any recurrent activity". They went further to say that by application; technology utilizes knowledge acquired and experience gained to satisfy man's needs. Therefore, technology is a scientific knowledge…show more content…
The human-embodied technology such as skills, knowledge and experience, ii. The capital-embodied technology such as machines, equipment and tools, and iii. The disembodied technology, which includes blue-prints, products and products specification.
In totality, according to Akpojedje and Abu [1], "Technology can be accepted as putting human knowledge, acquired skills, experiences, philosophy and resources to meet people's or communities needs and wants".

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