Technological Development

Technology represents man’s effort to make life easier. Technological advances improve people’s quality of life, increase leisure time, help reduce poverty and create new product to enhance our well-being. In addition, technological development allows people to spend more time on higher-level concerns, such as personal development, love, religion, and friendship, and less on economic activities.

What is technological development?

It improves the way productive factors are used in producing goods and services. Thus, technological development is an advance in the technical efficiency with which resources are used in production. It allows a greater quantity of goods and services to be produced with the same resources or to continue producing the same with fewer factors.

Unlike the accumulation of factors, technological development is not an increase in production factors (capital or labor).

Technological Development, Luddism, and Technological Unemployment

What is Luddism? Luddism was a labor movement that emerged in England in the 19th century, protesting against the newly developed machinery that reduced the work required to produce many goods. Because of these, they lost their jobs.

Today Neologism survives, which views technological development with concern and doubts its ability to solve problems without creating other potentially dangerous ones. They believe in slowing or stopping the development of new technologies. Today there is a common fear that robots will replace human beings in many jobs.

Neo-Luddism warns about technological unemployment due to mechanization, automation, and improved production processes (that machines replace men in jobs). But, they ignore that this process causes a reduction in prices due to higher productivity, an increase in aggregate demand due to lower costs, an increase in the market for work by companies due to higher demand, and economic growth. And improvement of well-being.

Although technological development can cause workers with outdated skills to become redundant, the last two centuries have shown how technological progress creates new and larger markets while moving workers from one sector to another, more productive ( tertiarization ) see quaternary, quinary sector.

An example of this is that at the beginning of the 20th century, almost half of the world’s adult population worked in the fields. Yet, thanks to tractors, harvesters, and other machines, agriculture only employs about 2% of the active population. Evacuated farm workers migrated to the cities to work in factories for higher wages.

Labor Productivity and Technological Development

Productivity is a measure of production efficiency; an increase in productivity improves people’s well-being because it increases real wages and profits and, therefore, their ability to consume goods and services and enjoy leisure. In addition, technological development increases productivity through better machines, equipment, tools, buildings, software, etc. As a result, more and better goods are produced.

There is a strong connection between productivity and GDP per capita of countries; the most productive countries are the richest.

Expenditure on Research and Development of the Countries

Expenditures on research and plot are the current and capital expenditures (public or private. Depending on the economic system ) that countries make on creative work carried out systematically to increase knowledge. Moreover, Including knowledge of humanity, culture, and society and the use of knowledge for new applications.

Advanced countries invest the most in R&D and lead the development of new technologies.

Technological Development and the Production Possibility Frontier

The production possibilities frontier represents the set of combinations of factors of production and technologies with which maximum production is achieve. In this case, there are diminishing returns, which gives the curve its shape.

Technical progress in both sectors (weapons and butter production) implies a shift to the right of the curve that expresses how more can be produce with the exact quantities of factors of production. As a result, productivity increases, and there is economic growth.

Conclusion

Therefore, Technology represents man’s effort to make life easier. Technological advances improve people’s quality of life. Newly developed machinery that reduced the work required to produce many goods. And we hope Technological development information you find informative; we regularly update tips on our website WORK PUBLISHING. Please keep visiting and supporting us. Thank you.