The Role Of Technology In Economic Development – TECHNOLOGY AND SOCIAL DEVELOPMENT (DES 222) Department of Development Studies National Open University of Nigeria (NOUN) by Dr. Amaka Metu and Dr. Uju Ezenekwe Course Editor Prof. Anthony Akamobi
2 MODULE 1: Development of technology and historical growth of major economies UNIT 1: Concepts: Technology, innovation and socio-economic development THEME Introduction Key Objectives Contents Definitions and Definitions of Technology Characteristics of Technology Development Levels of Development Technology – Types of Innovation Convention – Differences between Technology and Innovation
The Role Of Technology In Economic Development
This unit provides an overview of various concepts and terms introduced to describe technology and how it changes. Objectives At the end of this unit, you should be able to: Define the concept of technology Explain the stages of technology development Distinguish between technology and innovation
Blending Biology, Technology, And Economic Development
Technology is the science of the sum of knowledge about the methods and processes used in the production of materials. Technology, in the layman’s understanding includes manufactured objects such as axes, arrowheads, and their modern equivalents for the purpose of enhancing human abilities or helping people to perform tasks that would otherwise be impossible,” they can achieve in another way. Technology requires a larger system including hardware as input of factors such as labor, energy, raw material, capital and software such as knowledge, human knowledge and skills. Therefore, technology includes both what is done and how things are done.
Three things to learn from this definition are: Technology is taking action to meet human needs rather than just understanding the workings of the natural world. It goes beyond the use of a scientist’s knowledge to include both values and facts, practical craft knowledge and practical knowledge. For example, an iPod is a small device that can accommodate a lot of music with a creative design. It covers the intentional and unintentional interactions between products (tools, machines, artifacts) and the people and systems that produce, use, or are affected by them through various processes.
First, technological uncertainty derives from the fact that there are always many solutions to accomplish a given task. Second, technology is dynamic and always changing. Adaptation involves the continuous introduction of new types and the subsequent continuous improvement and changes. Third, technological evolution is systemic and cannot be dealt with in isolation. New technology must not only be created and designed, but must be produced using other technologies. Fourth, technological change is incremental based on previous knowledge and experiences. Only in rare cases is knowledge lost and irreproducible.
Joseph A. Schumpeter, an Austrian economist, identified three important stages in the development of technology: Inventive innovation Types of Innovation Incremental innovation Disruptive innovation Architectural innovation Radical innovation
Journal Of Business And Socio Economic Development
Technology is the application of scientific knowledge (known things) for the purpose of practical application in business. Technology is something we embrace to improve ourselves and allow people to do different things at the same time. Today’s technology is the result of yesterday’s innovation that made people’s lives easier. Innovation means being creative or resourceful to solve a problem, that is, the creation of new things, new methods, products, ideas or new ways of doing things that were not known before.
TABLE OF CONTENTS Introduction Objectives Main Contents What is Economic Growth? Measuring Economic Growth What is Socio-Economic Development? Objectives of Socio-Economic Development Determinants of Socio-Economic Development Measurement of Socio-Economic Development Economic Growth and Comparative Socio-Economic Development
This unit discussed the meaning of economic growth and socio-economic development, how they are measured and their differences. Objectives At the end of this unit, you should be able to: Define the concept of economic growth Understand what socio-economic development is Define the objectives of socio-economic development Distinguish between economic growth and socio-economic development.
The term economic growth is defined in different ways: For an economist, economic growth is a constant increase in national income (NI) or the total production of all goods and services produced in an economy. Economic growth according to Todaro and Smith (2006) is the sustainable process by which the productive capacity of the economy is increased over time to increase production levels and national income. Economic growth is a long-term increase in the ability to provide more and more diverse economic goods to its population, this increasing ability based on the advancement of technology and the institutional and ideological changes that it wants.
Legal Issues In Indigenous Economic Development, 2nd Edition
In measuring economic growth, the most commonly used method is Gross Domestic Product (GDP) or related indicators, such as Gross National Product (GNP) or Gross Income. Gross National Income (GNI) derived from GDP calculations. GDP is defined as the market value of the goods and services that a country produces, and is calculated from the country’s national accounts which express annual data on income, expenditure and investment for all the sectors of the economy. There are three different ways to measure GDP. These are: the income approach; the value added approach and the expenditure approach.
The income method as the name implies measures the income of people. The value added approach measures the total value added to goods and services at each stage of production. The cost approach measures spending on goods and services. In theory, each of these approaches should lead to the same result, because if the production of the economy increases, the income and expenditure should increase by the same amount. The problem here, however, is that when using market prices to calculate GDP, inflation rates must be considered especially for those countries that have high and stable inflation, as well as countries that are not less developed.
Socio-economic development consists of two words related to social factors such as education and occupation, as well as economic factors such as income and resources. Socio-economic development is defined as a process of change or improvement of social and economic conditions regarding individuals, groups or society as a whole. Changes in less tangible factors such as personal dignity, freedom of association, personal safety and freedom from fear of physical harm, and the level of participation in civil society are also considered. The causes of socio-economic effects are, for example, new technologies, changes in laws, changes in the physical environment and ecological changes.
Development in all societies must have at least the following three goals: Increase the availability and expand the distribution of basic life support goods such as food, shelter and protection. To raise the standard of living. Increase the range of economic and social options available to individuals and countries.
Degrowth: What’s Behind This Economic Theory And Why It Matters Today
The socio-economic development of any area or region depends on many factors or components. Some of these components include: Per Capita Income Level of Agricultural Development Industry Industrial Development Level of Urbanization Occupational Structure Level of Educational Development Level of Health Status Transportation and Communication Network Population Structure
GNP methods and GNP per capita These are called income methods because they aim to measure people’s productivity and income over time. The GNP per capita approach, on the other hand, is similar to the GNP measurement only, it takes into account the population factor. Measurement of Welfare In this method of measurement, economic development is seen as a process where there is an increase in the consumption of goods and services by individuals mainly due to an increase in income.
Social Indicators – usually called the basic needs for development. Hicks and Streeten (1979) discussed six social indicators for basic needs and they are: Health as a basic need with life expectancy at birth as its indicator. Education, as basic needs and as an indicator such as literacy level. Food as a basic need with the supply of calories per capita as an indicator. Water supply as basic needs and infant mortality and the percentage of the population with access to portable water as the indicator. Sanitation as a need and infant mortality and the percentage of the population with access to sanitation. Accommodation.
Economic Growth Socio-Economic Development Definition A sustained increase in the total production or supply of goods and services. Economic growth accompanied by desired economic, social and institutional changes in an economy. Relevance/relevance Economic growth is a more relevant measure of progress in developed countries. Socio-economic development theories are specific to developing countries; relevant for measuring progress and quality of life in developing countries. Impact Causes a quantitative increase in the economy Causes qualitative and quantitative changes in the economy and society Measures Increase in GDP per capita Human Development Index (HDI) which is a composite statistic of records of health, education and income in
Correlation Between Urbanisation And Economic Development
TABLE OF CONTENTS Introduction Objectives Main Content Meaning and characteristics of a developing economy Meaning and characteristics of a developing economy The determinants of socio-economic development
In this unit, we will discuss the characteristics of a developed economy and a developing economy in order to understand the problems related to socio-economic development. Objectives At the end of this unit, you should be able to: define the concept of development distinguish between a developed economy and a developing economy understand the path of transformation from a developed economy to a developed economy.
A developed economy is defined as one with a high level of economic growth, a better standard of living, developed technological infrastructure and security. A developed economy, also known as
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