in the present scenario we have come across the snapshots of opportunities that have been in advancing the exposure of scientific technology. write in 300 words on the vision and strategy of science in the era of 21st century
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Answer:
Economists interested in long-term trends often identify different periods of
the 19th and 20th centuries during which clusters of innovations were introduced
on a massive scale. These innovations were developed in specific geographical
areas with distinct socio-cultural and economic characteristics (mainly in Western
Europe and the United States), and were later diffused progressively and selectively to the rest of the world.1
At the end of the 20th century, we are witnessing similar processes taking
place in a wider area (OECD Member countries) with a new cluster of technologies
mainly relating to microelectronics, to computers and telecommunications (the
Information Society Technologies), and to biotechnologies, new energy sources
and new materials.
Of course, many of the past, present and future innovations derive strictly
from increased scientific and technological knowledge, but it is also evident that
the selection of these innovations and the extent of their success depends heavily on the socio-economic context. Technological development, in its final innovative outcomes, is both supply-pushed (by scientific knowledge) and demandpulled (by social and economic needs).
At the threshold of the 21st century, the OECD economies are witnessing
unprecedented changes:
– Internally they are rediscovering the need for more active market mechanisms, especially in the services area (deregulation and privatisation of
transport and telecommunications, liberalisation of financial services, etc.).
– Externally they are facing the deep shift of the rest of the world from
centralised planning to increasingly market-driven economic systems (over 1
Explanation:3 billion people have moved in this direction in recent years), thereby
creating new business opportunities but also bringing new competitive
players into their traditional markets.
Despite the obvious dynamism of this process of market broadening, the
overall macroeconomic performance of the OECD countries is falling short of
expectations. The GDP growth rate remains low, and unemployment (especially in
Europe) has reached socially unacceptable levels. Following the postwar recovery
period and the subsequent economic boom, the advanced industrialised countries have apparently lost momentum.
Furthermore, the rate of change of total factor productivity (TFP), which
measures the macroeconomic gains from productive innovations,2 has often
decreased, which is quite puzzling. Are the new technologies proving unable to
increase the overall efficiency of the economic system?
Economic researchers have devoted considerable attention to technological
innovation, and some relations have been reasonably well established, both
theoretically and empirically.
The following two sections extract from this existing body of knowledge what
appear to be the longer-term aspects of the relationship between technology and
the economy. These observations should help to set the boundaries for scenarios
to 2020/2030, which are then developed. The chapter concludes with an attempt
to envisage the main macroeconomic aspects of the coming Information Society.
SOME SOCIO-ECONOMIC ASPECTS OF TECHNICAL CHANGES
The relatively benign neglect of the analysis of technical change by modern
neoclassical macroeconomic literature has been compensated by extensive
empirical analysis of the aggregate production function and of TFP as the intangible component of output (or value-added) growth (in neoclassical frameworks,
with perfect competition and constant returns to scale, TFP measures shifts in the
production functions that are to be interpreted as technical change).
Recent research by the OECD on growth accounting during the 197