Role Of Information Technology In Economic Development – The history of economic growth refers to the phenomenon of production based on labor, capital, technology and organization, etc. indicates that it is related. But the impact on each factor of production has changed over time. In the early stages of the classical era, labor was the only factor of production. Later, capital was designated as the most important factor of economic growth. But in recent days, emphasis has been placed on the main source of economic development – technological changes. Due to the labor shortage in Western countries, the role of technology became much more important; striving to achieve a high growth rate; the goal of maximizing output; reducing the cost of production, etc. can be achieved with technology. 2
It was found that universities without advanced technologies are lagging behind. In other words, the poverty and backwardness of universities is related to the low level of education and technological change. Therefore, if these countries use advanced technology, they can also participate in the economic development race. Accordingly, HEIs should adopt modern technology either locally or through external sources. Not only technological changes, but also entrepreneurial skills can be used for high stakes 2
Role Of Information Technology In Economic Development
The importance of technology in economic development is explained with the help of the following points: Agricultural revolution: In agriculture for a long time old seeds, traditional techniques, plows and waste etc. used, resulting in a very low level of agricultural production. . Using modern technologies, high-yielding seeds have been invented; high-quality fertilizers were produced; grain harvesting machines, tractors and combines were produced; prepared tube wells and water pumps; and insecticides and pesticides became popular. Thanks to this, the entire agricultural sector underwent a revolution – the so-called “Green Revolution”; this led to a bountiful harvest. Agriculture has become a profitable business, and food shortages have been stopped forever. 2
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2. Industrial Revolution: In earlier days, life was very limited. Not only was the population small, but the demands were also limited. In this case, the demand for manufactured goods was nominal. But with the passage of time there were changes in the number of people, demand and demand. For machines, tractors, cars, bulldozers, cement plants, turbines and generators, etc. needs met. If the world did not experience technical development, it would not be possible to produce all such goods. Thus, modern technology has made it possible to produce goods on a mass scale, such as thousands of tons of fertilizers, millions of cars, billions of motorcycles, trillions of televisions. Therefore, technological development along with industrial development has made it possible to satisfy the wishes of thousands of consumers. 2
3. Lower production costs: Thanks to modern technology, companies can enjoy economies of scale. Modern technology has increased the company’s output, which has reduced the company’s costs per unit. At the same time, waste is disposed of using modern technology and by-products are produced. Because boards, chipboards and hardboards are made from sugarcane straw. through similar measures, production costs can be reduced, which lowers prices, which benefits consumers. 2
4. Discovery of natural resources: Nature has hidden many deposits under land, sea, mountains and sky. Modern technology allows humans to explore and use these resources. Without modern technology, oil, gas, iron, coal, gold, tin, copper, silver would not have been discovered and created for the benefit of mankind. 2
5. Improving the standard of raw materials: Modern technology helps to improve the quality of the product. New designs are revealed. Technical defects in the goods will be eliminated. Like the story of “Radio”, which began with a huge electrical installation that turned into a transistor and small transistor set – all thanks to modern technology that benefited the world community at large. 2
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6. To gain competitive advantages: Nature has not given all nations the same resources. Some countries have a high labor force; some are rich in land, some are rich in capital. Developing countries without technology can import technology. Thus, with the help of this technology, it is possible to produce cheaper goods by using the factor of abundance. Following this policy, Korea, Singapore, Taiwan, etc. countries increased their growth rate. 2
7. Increasing the level of employment: Thanks to new technology, new goods can be produced. This applies to the working class as well as technicians, engineers, accountants, business managers, etc. leads to an increase in the demand for qualified people. As a result, people’s employment and income will increase. This will lead to increased welfare of the masses both at the national level and at the global level. 2
1. Monopoly of DCs and MNCs: It is clear that DCs and MNCs have a monopoly on modern technology. This is because they spend more money on Research and Development. These DCs and MNCs get a high price when transferring technology to UDCs. 2
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Modern technologies have promoted dualism in poor countries. It was found that developing countries transfer technology to export sectors of the economy. American companies go to the Middle East only for oil exploration and processing, etc. The same was true of rubber in countries such as Indonesia and Malaysia, as it supplied modern technology for In such a situation, a few sectors are developed, and the rest of the economy lags behind
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14 OBSTACLES ….. continued 3. Incompatibility with domestic needs: Developing countries are concerned that technology introduced by their own conditions may not match the needs of poor countries. Moreover, most imported technologies are capital intensive, which reduces labor utilization in the economy. Due to the use of computers in all industries, the demand for labor in poor countries is decreasing. Such types of technologies not only burden the BOP of the country but also encourage unemployment. 2
Economic development requires changing the mental attitude of the people. Modern technology cannot be implemented unless the people of the country like it. People in poor countries have rigid, unscientific and inflexible behavior. They are hardly ready to accept new thinking, new ideas, new techniques, new tools, new research and new techniques. When people respond poorly to modern technologies, how can they be used? Again, modern technologies require a large amount of experience. Since they are in short supply in LDCs, they are forced to import, putting a heavy burden on the BOP. 2
In poor countries, markets are limited, and modern technologies are involved in large-scale production. Therefore, if goods are produced on a large scale using modern technology, it cannot be sold domestically, which leads to overproduction. If the overproduced product could not find its product in the international market, it would be a huge loss for the producers. 2
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Technological innovation is essential for human development. From the printing press to the computer, people have invented tools to make learning and communication easier. Technology is not good or bad, the results depend on how it is used.
(ICT) includes innovations: microelectronics, computing (hardware and software), telecommunications and optoelectronics microprocessors, semiconductors, fiber optics. These innovations allow processing and storage of large amounts of information, as well as rapid dissemination of information through communication networks.
7 The role of ICT Information and communication technologies are the basic infrastructure necessary for the economic and social development of the country. This is even more true due to the growth of economic activities related to information. Information and communication technology supports the central nervous system of complex societies, transferring and processing information and commands between different parts of such societies. The Internet plays a key role in ICT
Doubling computing power every 18-24 months Doubling communication power every 6 months Significant cost reductions Massive increases in speed and volume. In 2001, more information was sent over one cable per second
Role Of Technology In Economic Development
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