What is technology? Technology is the application of scientific knowledge for practical purposes, esp. in industry: "computer technology"; "recycling technologies". Anybody that uses computers along with the Internet knows exactly how technology can help increase their own personal efficiency. An increasing collection of software productivity implements and e-commerce technologies makes it so much easier than it used to be for people to do business, shop, learn and communicate. Employment regulation goes over all privileges and obligations within the employer and employee relationship, whether present-day employees, job applicants, or previous employees. Because of the difficulty of employment relationships and the broad variety of situations that can occur, employment regulation involves legal issues as different as discrimination, unlawful termination, wages and taxation, and workplace safety.
More than a few reports that came out of Washington, D.C. emphasize just how important and extraordinary these productivity gains are not just only for individuals and businesses, but for the entire nation as a whole. These productivity gains help the economy in tremendous ways. In a much more current emergence previous to the Joint Economic Committee of Congress, Federal Reserve Chairman Alan Greenspan observed that "something special has happened to the American economy in recent years. An economy that twenty years ago seemed to have seen its better days, is displaying a remarkable run of economic growth that appears to have its roots in ongoing advances in technology." Mr. Greenspan decided to go on to discuss that technology is permitting businesses to be able to better manage the whole thing from employees to inventories. This allows better controls and increase in revenue and a decrease in expenses. In addition, it is helping eliminate unnecessary production processes, speeding the delivery of goods to market, convincing businesses to keep prices small and, more important, and enabling companies to better meet individual customers' requirements.
The U.S. Department of Commerce printed out a report discussing in detail that even though the information technology industry makes up for only about 8 percent of America's gross domestic product, it produced more than one-third of the nation's economic growth from 1995 to 1998. This shows how much technology has help increase the nation’s economic growth. The Commerce Department study also discussed that declining prices in the information technology section scratched the overall inflation by 0.7 percent. In the meantime, the technology industry illustrated remarkable increases in productivity: an average of 10.4 percent annually from 1990 to 1997, put side by side with less than 1 percent outside the technology sector.
The increase and success of this self-motivated and prosperous industry has been determined almost exclusively by action taken in the private sector. As Mr. Greenspan advised Congress,...