Technology and Economic Growth
Economy is what the government are concerned about but one sector that has iproved our economy greatly is Technology. It is the light to other sector, from agriculture, mining, petroleum, and other sectors. In the pursuit of humans to find an easier, more efficient, way to get result while producing goods and services, tech became the solution.
As beautiful as tech is, innovations are responsible for destroying and creating jobs. For instance, while looking for a way to improve productivity in farms, technology brought about crude tools like hoes and cutlasses which drastically reduced the number of people on the farm land. After a while, tractors and bulldozers came into existence for faster work done, larger productivity and reduced expenses, a larger number of people got reduced from the farmland, and those who could control machines were employed creating another form of Job. These innovations in different sectors are responsible for the increase in human productivity over the years and the more technological advances we see in the future, the more growth in production we will be seeing in the economy.
Technology has been able to help increase trade between two or more nations across the globe like the US – China Trade, The Germany – France Trade and many more. With technology, international trades have increased and countries can boast of increase in revenue. Education is a vital part of a country’s economy and technology has actively impacted the educational sector. Before the pandemic, students often go to classes for lectures but post Covid-19 pandemic, and government started sharing Pads so student could receive lectures from home (tele-education).
Business and technology have been able to work hand in hand together over the years and the secret to a lot of businesses high returns and high productivity is technology. The fastest growing companies and the largest companies in the world today are technological companies interested in making life easier and more productive for humans.
I could imagine a world without technology, it would have been difficult to harness human’s potential to its fullest also, the GDP of so many countries around the world will be next to nothing. Although, technological growth and innovation hasn’t reached its maximum peak, it is no doubt that the next decade will be full of improved productivity and the GDP of several technological motivated countries will be high.