BY CATHERINE ROSE AGNES
We live in the era of smart technology. Advancement of technology made life very simple. Technology developed and unceasingly continued to evolve since the history of mankind. In the 2000s, technology has transformed into a structure containing large amounts of information. It the past 100 years, technology advances increased with incredible speed as compared to the previous time. Technological transformation plays a key role in the economic growth because accurate or wrongful use of technological advances may make considerable positive or negative impact to a specific firm, sector or nation. Technology realise the production of specific good with less input.
Technological development is an important factor increasing the growth rate of economy at macro level and profits and market shares of the firm at micro level. The social development occurs if a society can make technological advances and reflect them to their social cultural lives. It seems that economy has been guiding the technology as the innovation introduce to the world by technological advances are closely correlated with economy and follow the economic relationships. However these new areas require qualified work force. Thus necessary revision should be made to the education policies to ensure the development of human sources with such qualifications supporting the economic growth.
Economic growth is defined as an increase to the tools and products that will be used to meet the human needs in any country or region. A method to measure economic growth rate involves inquiring whether the has been a ral increase in GDP from one year to the other as GDP represent the market equivalent of all measurable values produced by one economy.
All factors affecting such as characteristic of the product produced, organization of the production process, capacity of the production unit, size of the targeted market, type and quantity of the energy used, size and nature of the business volume generated, supplementary inputs requirement for the semi-finished goods and development level of the infrastructure facilities leave their mark to the country in which the technology is developed.
Some important technological inventions that leads to the growth of economy:
INTERNET : It is the global system of interconnected computer networks that uses the internet protocol suite to link devices worldwide. It is one which change the human life to developed one. Every thing is now on one touch is the best thing of this. Some one is miss using this in some way but who are using in a good sense is utilizing it.
ROBOTICS : It is an interdisciplinary branch of engineering and science that includes mechanical engineering, electronic engineering, information engineering, computer science, and others.
NANOTECHNOLOGY : It is manipulation of matter on an atomic, molecular,and supra molecular scale. The earliest, widespread description of nanotechnology referred to the particular technological goal of precisely manipulating atoms and molecule for fabrication of macro scale products.
Now a days scientific and technological changes from the motivating power of scientific and economic policies adopted to ensure economic growth and development. Technological development bring economic growth. However it also enhances social wealth on the one hand by increasing the income levels and wealth and causes certain social problems on the other hand. At this point, we must emphasise the importance of education. Education may make a great contribution to this ongoing process by re-training the people and helping the individual and to societies adapt to the new condition. Therfore the nation should to derive the maximum benefit from technological advances by supporting and disseminating the positive aspects of this process and minimizing its negative impacts
Dynamic technologies 