Technology: Its importance in Economic growth and development

54
Reading Time: 2 minutes

Technology is an important factor in national development

For development we need economic growth. This is possible only if we have more productivity. We can increase the productivity if we have the best…

  • Factors of production
  • Integrator among the factors of production
  • Technology

Apart from the other two factors, technology plays a vital role in economic growth. Moreover, the technological progress increases the economic growth.

Also, this faster the rate of economic development.

There are three basic categories of technological progress

  • Natural technological progress
  • Capital technological progress
  • Labor augmenting technological progress  

Every developing country of the world like USA uses television for educational purposes. But the developed countries have numerous resources. Therefore, they use VT educating centers. Also, these countries use better equipment for education. Those countries who are not using modern resources in education the results are therefore, not satisfactory.  

Socio- Cultural pattern

Technological progress is also, a sociological progress. For instant we must accept technological progress mentally. Otherwise, it will lead to lack of participation of people.

The tradition bound society

We have a tradition bound society which is also a big obstacle. However, we can overcome this problem if we provide facilities on merit.

Education

To make the best use of modern technology, we need a large number of technicians. Also, we need a large number of producers and technical-education experts.

Capital formation

Modern technology requires heavy investment but, poor countries do not afford it. However, these countries should try to get skilled labor.

Innovations

Technological progress is a combination of innovations. Therefore, an increase is essential in the number of inventions and market based innovations.

Mass education

The illiteracy is also, a problem in technological progress. There is one requirement for technical progress is technical knowledge. Technical education and skills are therefore, requirement for technological progress.

Sajid Saleem
WRITEN BY

Sajid Saleem

We struggle over for students of general and medical education. Also, we play an essential role in the acquisitions of knowledge and in intellectual development. In general Education we provide the knowledge and the skills needed by everyone, regardless of their future field and occupation. In medical Education we provide knowledge and skills to the students of medical field. A Nutritionist from our team who is expert in food and nutrition can help patients to choose the right things to eat. He is also writing very helpful content for the students of nutrition and diet.