Question

Choose any topic covered in our subject (except for poverty and inequality) and search online for an interesting news article that relates to that topic. You are not required to submit a copy of the article with your answers.

Please state the following:

• Source of the article you chose (newspaper, magazine, etc.):
• Link:
• Topic covered in the subject that relates to the article:

1. In no more than 200 words summarise the article and explain how it relates to the subject.
2. In no more than 100 words explain why you think the article is interesting in the context of economic development.

Answer 1

I read an article on CIO's website on growing importance of technology. CIO is an online magazine related to technology and IT ( Information Technology ).

( a ) The article talks about significance of technology in efficiency and productivity growth, growth of highly efficient market places, improvement in standards of living, lowering operational costs for businesses, increasing employment opportunities, and contributing drastically to economic development in the world. The role of technology in improving communication has definitely contributed to a robust international trade, ease in standards of living, mobility of labor and other factors of production.

Every sector of the economy, be it agriculture, manufacturing and indeed services have been benefited massively due to invention of innovative technologies. Technology has provided HYV seeds, efficient irrigation as well as efficient market places to the agriculture sector. Likewise, use of robotics and assembly line production has considerably improved efficiency and productivity of manufacturing industry. Technology is the backbone of most of the services industry.

( b ) In today's world of globalization, internet, where firms, businesses, people are looking to improve their profitability, their standards of living, technology is the most significant part of their solution. Governments across the countries are using latest technology to provide help to the people living in poverty, especially in medical, banking, and education sector.

Therefore, we can say that technology is the most important component of economic development.