Role Of Technology In Economic Development

TECHNOLOGY: is a art to do human work with the help of science and knowledge. The technology is defined as the body of knowledge which can be used to produce goods and services from economic resources. Technological progress means the increased application of new scientific knowledge in the form of inventions and innovations.

 The theoretical and practical knowledge, skills, and artifacts that can be used to develop products as well as their production and delivery system.

 The technical means people use to improve their surroundings.

 The application of science, especially to industrial or commercial objectives; the entire body of methods and materials used to achieve such objectives.

TECHNOLOGY MANAGEMENT :

 An integrated application

In domestic market, a nation and its firms, having better and advanced technology can enjoy following advantages

• Improved and efficient functioning of various organizations in the nation

• Technological progress and infusion brings major changes and improvements in the overall functioning of organizations leading to transformations viz. transformation in Banking Sector, Telecom Sector etc.

• Enhanced capability to fight foreign competition and thus retaining control over strategic national economic assets

• Stability in sales and profits of business firms; stable growth of sales and profits

• Regular employment generation and high standards of living

• Lesser probability of occurance of economic recession and lesser adverse impact of economic recession if it occurs

• Relative stability in national income and Growth of national economy.

• Proper management of natural disasters and other crisis like earthquake, tsunami, floods, droughts, oil spills etc; and faster recovery from such disasters and crisis

In external markets, a nation and its firms having better and advanced technology can enjoy following advantages

All this because of emergence of new technology.

Manufacturing

Technology had lead to mass production an very easy task and it leads to saving the time and human energy which was earlier wasted but now with the help of capital intensive techniques human are able to multi tasking.

Role of technology in economic development:-

Importance of Technology :-

In the present age technology is playing very effective role in increasing the rate of economic growth. Today each country considers it is the basic tool of economic development. Only capital cannot bring development in the country. It is technical progress along with capital which can boost the rate of economic growth. The impact of technology can be judged by the following

1. Use of Natural Resources :- Technology helps to utilize the natural resources like land ,material more effectively.

2. Saving of Time :-

As the demand of any commodity increases, the supply can be produced in short period of time. So it has saved the time of the producer.

3. Improvement in Quality :-

Technology has improved the quality of goods and services. Now the goods have also been