By Niranjana Mary Jude
In today’s fast growing world we tend to take over all those techniques which helps to keep our life running smoothly. As the years goes by, the technology is also moving forward in its advancement. Technology has become an indispensable part of our life. There is no debating that technology has become integral in our daily lives, for mastery of our fast moving busy lives. This key importance of technology in our life, have pushed to the growth of economy in a way.
In technology , the Artificial Intelligence (A I )and Internet of Things (IoT) etc… have brought about so many reasons for the upward movement of the economy and will also have many major impact on economies in the coming years . To know how Artificial Intelligence and IoT will impact the economy, it is important to know what Artificial Intelligence and IoT is .In a way it can be said as ; Artificial Intelligence is a branch of computer science that aims to create intelligent machines . It has become an essential part of the technology industry . Research associated with Artificial Intelligence is highly Technical and Specialized. And IoT is a system of interrelated computing devices , mechanical and digital machines ,objects, animals or people that are provided with unique identifiers and the ability to transfer data over a network without requiring human – to -human or human – to -computer interaction .
In technological improvement in electricity, internal combustion engines and semiconductors facilitated automation are now things of the last century . And now Artificial Intelligence seems to be positioned to automate many tasks once thought to be just the imagination of little child .Thats from driving an automated car to making recommendations and ‘ over and adove ‘ . And now this new age technology will affect economic growth and the division of income between labour and capital. Just like in a coin, thos growth in technology will have both good and bad sides . The former can contribute to shaping an agenda for the field and latter …the bad side effects the economy and cannot be erased off easily .
In our daily life , the enormous changes in technology is directly and indirectly changing our life too. The introduction and implementation of new technology in the factory level have resulted in the increase in production of output in one hand and on the other it have effected the workers in the factory who were displaced from their work . With the implementation of the machines have shown more efficiency and effectiveness in the production level result more than the workers. But if we claim that the introduction of such new technology have brought about new job opportunities it cannot be debated to be true. Because when a new technology is implemented the job is created or given to the people who have a great knowledge about the technology to which they are specialised to. And we forget about those factory workers, who were not specialised and were employed for a specific job. When these people are displaced from their work many might face a situation of unemployment or unable to find a work which can help them to bring about their life to the same old track. These situations may result in poverty, bad health, depression and anxiety etc…. which indirectly affects the economy of a country. And because of the implementation of new technology the company might start earning more profit. This is only making the rich richer and poor poorer. The two main major impact in the economy from my viewpoint is that the slew of new age technologies have brought about inequality among the people and a creation of good decent growth in the GDP of a country.
Dynamic technologies 