For example, the creation of the internet and social media both benefit the public as well as the business. Both provide job opportunity to the people especially from social media and concentrate mainly on the working process such as interacting with clients directly from the internet or social media that will indirectly contribute toward the economy. Technology is being utilized on a particular market (media sector) and then focuses on the specific demographics (young & adult). This shows that how technology could lead to efficient use of resources and help every business to grow. A trend from the past to the present shows that the economy is starting to slow down because all of their resources are focused on the interaction between businesses and customers instead of the production.
After evaluating the past and present trends, from significant growth of the economy to low growth, there are a few trends can be predicted based on the future events. Firstly, technology will continue to bring economic growth to the countries and satisfy consumer's needs and wants in term of supply. For instance, the nanotechnology that has a huge support from the government and funded by them (public sector) is most likely to contribute to the economy in the future. Nanotechnology contributes to the electronics and medical sectors that will benefit the healthcare and IT industry. Also, Google's self-driving car project is close to be done by the year 2020 that will benefit the consumers by providing safety ride, which will become one of the challenges to the economy in the future. This is because more taxi or limousine industries will be affected by the tech. and causes more unemployment in the future. Besides, one can see is that the technology will bring impact on specific industries and unskilled labours but also bring more employment to the skilled labours. Therefore, it is clear that technology has played a major role in the global economy since the industrial revolution and has been greatly linked to marketplace transformation. Although there are challenges in the future, the increase in efficient by the technology will continue to result in an anticipation of economic growth.
To conclude, technology will continue to bring economic growth despite the challenges that have faced in the past and present. The people have witnessed the trends from production to social good, where the technology now focuses on social-interest that will benefit the society and then the economy as a result of welfare-encancing.
witne
Nanotechnology
Public sector
Self-driving cars
Labour market
past
industrial revolution
agriculture revolution
present
information revolution
social media
fewer labour resourecs to produce goods and services.
Looking through the past and present events, technology will continue to grow exponentially and unexpectedly in the future that will stimulate the global economy.
- Andrew, Publisher -