write short essay on Importance of information technology (IT) in countries development
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Role Of Technology In Economic Development Economics Essay
1760 words (7 pages) Essay in Economics
5/12/16 Economics Reference this
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Economic development of all countries of the world. Economic development depends on number of factors. Technology for economic development of any country is an important factor. All developed and under developed countries economy, agriculture, industry, transport, banking, health, education and improved technology in all sectors are trying to install.
Meaning of technology
Technology equipment and services for the production of economic resources or technologies that facilitate learning.
Adoption of technology
Technology and developing countries by developed countries may not adopt product. Major markets of advanced industrial countries, high income, ample capital resources, supported by good management and technical skills are the least developed countries, small income, capital shortages, unskilled labor is abundant. Advance technology, so, what can be done for these countries. Developing countries should adopt appropriate technology to provide the needed employment is based. The development stage of the country’s current economic policy framework should be within.
Importance of Technology
Technology is important due to following reason.
Increase in labor productivity
With labor productivity growth in the use of technology. If we help the agricultural sector, for example, a farmer with tractor can work more than ten farmers.
More human capital
Human capital means skilled and educated labor force when we increase the use of technology the skills in labor also increase; it leads to human capital formation.
Providing better living standard
We enjoy living facilities per capita income and the quality of life decision. Technology, national income and per capita income growth using, is it leads to better quality of life.
Output increases
As labor productivity increases the production level increase of country. This cause increase in national income of a country.
Rapid increase in supply
According to Keynes rapid increase in supply is possible with the help of technology. If demand of a commodity increase, it is possible to match the demand with the help of technology. It removes the danger of inflation.
Trade
- The basis of international trade is “a