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The Role Of Technology In Modern Economies

1124 words - 4 pages

To answer the question “Why do some countries grow faster than others?”, I argue that foremost technology and investment are the largest contributors to the economic growth of a nation, with government influence coming in second, as it can legislate factors that can inhibit or advance technological advance. Fundamentally, for a nation to prosper and thus grow it is necessary that the nation's society to have a few key features. A stable society that on some level, whether it be private or at a national level, is able to trade with other nations. A culture that is not insular to allow such trading. And some sort of governance to ensure a resolution of misgivings amongst its citizens, or in other words common laws, protection from external threats, and a common currency for trade within a nation. These factors help form the foundation of a nation that is able to support a prosperous and healthy economy. At the heart of the economy of a nation is its system of governance and without it the question of economic growth is almost meaningless. It is clearly evident that if a nation is entrenched in a war on its own soil with another nation or even itself, in the event of a civil war, that economic growth will be greatly hindered and not lead to even the prospect of prosperity or recovery until such a scenario is ended, and this is what I mean by a stable society. Some key factors to bear in mind when assessing economic growth are the current total productivity of a nation, how well developed its infrastructure is, its rate of technologic advancement, the quality and degree of its trade with other nations, and its citizen's consumption behavior.
I will propose that all of these factors are affected by the investment behavior and technology present in any nation in question. Consider the effects of technologic development on international trade, I assert that current levels of international trade would be impossible without the invention of such thing as fiber optic communications, semi-conductance, and radar technology. All of which were developed with the aid of government funding. Thus, international trade is in some ways a secondary product of technological advancement and together with a nation's willingness to trade comprise the major factors that affect international trade. As two or more nations develop their technologic potential in both local infrastructure and technologies that benefit trade, it becomes more efficient or economic to trade with nations because of the lower costs associated with transportation. So, not only will nations be able to increase trade with nearby neighbors but also be able to slowly increase trade to nations that are more remote as the costs drop to practical levels. Evidence of this type of is more likely to occur between nations with a high level of research and development investment because they are able to quickly and efficiently move goods between each other or quickly exchange services because of their...

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