Question

In: Economics

why has technology become so important than when it was first invented?

why has technology become so important than when it was first invented?

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Expert Solution

Inferable from the use of technology, our way of life has expanded. Our necessities are met effortlessly. Innovation has gotten headways agribusiness, because of which nourishment create has expanded. Inferable from the improvements in designing and engineering, building hearty common structures has been conceivable. Innovation has supported each industry. Organizations have developed, making greater work openings. Progressions in innovation have prompted the development of more up to date and quicker methods of transport and correspondence. The utilization of innovation has supported research in fields extending from hereditary qualities to extraterrestrial space. The PC and Internet advancements are universal. They have changed each segment; be it pharmaceutical, tourism, training, amusement or some other. Innovation has touched each part of life, making it less demanding, better and unique. Innovation has changed living.

Technology has made the world richer overall, but not everyone has benefited. In 2009, the world’s top 1 percent held 44 percent of the world’s wealth; by 2014, they had 48 percent. By 2020, it is estimated that the 1 percent will own 54 percent of global wealth. That is not the direction the other 99 percent wants those numbers moving. And now thanks to technology, they can vent their frustration in increasingly visible ways.

Technology has also created a whole new set of global security concerns. The thoroughly modern phenomenon of cybercrime and economic espionage is estimated to cost the world more than $445 billion every year. That’s roughly 1 percent of global income. And while it hasn’t happened yet, the fear that cyber-attacks can spill over and trigger real-world conflicts remains an ongoing concern. Technology has also changed the face of modern warfare.


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