Technology is an important factor in economic growth and development. The three basic categories of technological progress such as:-
Neutral technological progress
Capital saving technological progress
Labor augmenting technological progress
Therefore, economic growth is highly essential for development of a country, tribe or an individual which is only possible if we have more productivity. If we have factors of production, integrator among factors of production i.e. firm and the most important is “technology”. Technology plays a vital role in economic growth. The more technological growth leads towards more economic growth and faster the rate of economic development and vice versa. However, technological progress results from new & improved ways of accomplishing traditional tasks.
Thus, economic development has following bindings:
(a) Socio -Cultural Pattern
It is worthwhile to mention over here that technological progress is not only a scientific phenomenon, but a sociological one as well. In the first instant, technology must be accepted mentally otherwise it will lead to lack of participation and reluctance on the part of the people to adopt it. Therefore, we should negate custom- ridden and tradition – bound society to remove obstacles in the way of progress.
To make the best use of modern technology, qualified producers, administrators and technicians are required in large numbers.
(c) Capital Formation
Since modern technology requires heavy investment which is not in the compass of a firm or individual without seeking funds/loans besides hiring especially skilled labor. There are multiple options to avail funds’ facility and to get rid of bloody poverty. As far as my experience is concerned, I earnestly recommend you to visit following websites right now for the best solution:
(d) Strong Entrepreneurship
Technological progress is also a combination of innovations; therefore, innovations should be commercially profitable and acceptable to the market and community both.
(e) Local Conditions
Technology should be adapted to any of the countries/ firms after some basic alteration& modifications as per local conditions/ attitude. It becomes difficult to survive for the technology, if proper ground is not prepared besides lack of resources & funding to the required limit. Funds are lifeblood of an organization and as such without proper funds your business may get defunct.
(f) Mass Education
One of the important indicators is the literacy rate of the people around as their education matters a lot. While adopting a technology for the agriculture sector or the industrial sector, we should evaluate level of education of the people to ensure if they have deep knowledge of technical education, training & skill for good prediction.
(g) Difference in factors of Production
Generally, factors of production very often distinguish from one country to the other. One country may have more natural resources while the other may be blessed with more land. Therefore, it is essential to analyze the proportion of factors of production so that the country is well aware of its inputs.
(h) Training Facility
Essential training needs to be imparted to the personnel responsible for planning & education of advanced technology which of course requires the following:
Money – through funding
Time – through will power
We may, however, get the Consultants’ services from other developed countries such as USA, China and Germany to establish a heavy industry in collaboration thereof, but after due consultation with financing websites mentioned above.
(j) Training of Administrators
Administrators play a key role in spreading modern technology; therefore, instead of formal training they require experience in the respective fields.
(k) Market and Entrepreneurs
Since the entrepreneurs are the actual users of the technology and as such technological progress depends on them. Therefore, they must possess some basic knowledge to make the experiment worthwhile.
In nutshell, introduction of the most modern technology will result economic development of a country, a firm and an individual progressively. Modern technology and markets go together; therefore, market size must be considered beforehand which is of course not possible unless you have planned budget size and efforts to realize the same through funding that you can get from platforms like http://www.InvestorsCalifornia.com and http://www.InvestorsFundingUSA.com. Let us strive for the same, the future is ours!