Threaded Discussion: Technology Technological changes have led to economic growth. Just ask the ticket person at...

Threaded Discussion:

Technology Technological changes have led to economic growth. Just ask the ticket person at the Thruway toll booth... unless of course you use EZpass. Then, just wave to the few remaining toll collectors as you whiz by. I drove through New Jersey in December and 1 booth allows you to continue travel at 60 MPH while going through.) How has this led to growth? More travelers on the highway with less congestion. More goods and services can travel to and fro faster. Costs? Sure it's expensive for that technology. Savings? Some by reducing labor at the toll booths. The good news? Someone has to design the new technology, so they are hiring.

Now, you come up with your own technological innovation that has led to economic growth.

Solutions

Expert Solution

Answer: It is true that technological innovation are the kry drivers for economic growth, almost in all the sectors whether be it primary, secondary or tertiary.

1.Artificial intelligence: it the technology throgh which machines can take the informed decisions.Use of this technology combined with Robotics can be used in healthcare care sector and many more.

Example: In various developing countries, in far reaching and remote areas primary medical facilities used to provided via this technique in which individuals can communicate the symptoms and get the accurate guidance.This has increased the reach and facilities in remote areas.

2.Hyperloop technology: On which work is still going on , in which two end transport facilities can be provided that too with very high speed and negligible loss.It'll led to decrease in time in which a distance can be covered.

Such technologies can be used in difficult terrain areas, for business purposes and many more.

3.Block chain technology: Though its been famous mostly because of Bitcoin technology yet it only an application of it.

However this technology works on "distributed ledger" hence can be used to eliminate corruption in services delivery, economic transactions and many more.

There are many other examples as well.In the era of technology driven growth, big data analysis can also be used to improve efficiency and growth of economy.

Hope it helps!

Rahul Sunny answered 1 year ago

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