The Role of Technology in Economic Development

Technology is a central driving force of productivity growth, and economists estimate that the return on R&D is two to three times greater than physical capital. For the past 40 years, technological advances have provided the greatest source of permanent productivity growth. Yet, the federal government has been slow to implement policies that target economic development. In other advanced economies, the central government plays a more active role in encouraging innovation and economic growth. Listed below are some of the ways that technological advancements are enhancing the lives of citizens.

Technological advances have improved operations and lowered the cost of doing business

Technological advances have improved operations and lowered costs of doing business, but they have not matched the hype. Though these advancements have cut costs and increased productivity, they have also contributed to higher income inequality and fear of the “robocalypse” or mass job destruction. In this article, we will explore the impact of technological change on various sectors of society. For example, we will examine the impact of automation on retail sales.

Technological advancements in communications have enabled small businesses to compete more effectively with large corporations. Emails, text messages, websites, and mobile applications help small businesses communicate better with their customers. These advances have also enabled small businesses to better integrate their operations with each other and plan for future expansion. Technology can help business owners improve communication processes and lower costs. Moreover, the use of social intranet software enables employees to update internal documents and relay data instantly, helping small businesses reach out to their consumers in real-time.

Wireless communications plays an important role in education and training

The growth in the use of mobile devices has created a massive demand for ubiquitous communications. In fact, the number of mobile-connected devices is predicted to reach 11.5 … Read More