Role of technology in the economy from "summary" of Oswaal NCERT One For All for UPSC & State PSC's Indian Economy Classes-9 to 12 (Old & New NCERT Edition) (For 2023 Exam) by Oswaal Editorial Board
The role of technology in the economy is paramount in today's world. Technology has revolutionized the way businesses operate, the way consumers interact with products and services, and the way economies grow and develop. One of the key aspects of technology in the economy is its impact on productivity. Technology has enabled businesses to increase their productivity by automating tasks, streamlining processes, and improving efficiency. This increased productivity leads to higher output and ultimately, economic growth. Furthermore, technology has also played a crucial role in globalization. The advent of the internet and other communication technologies has made it easier for businesses to reach a global market, leading to increased trade and economic interconnectedness. Moreover, technology has also had a significant impact on job creation. While some jobs may be displaced by automation, new jobs are also created in industries related to technology. This constant cycle of job creation and destruction ultimately leads to a more dynamic and adaptable workforce. Additionally, technology has the potential to drive innovation and creativity in the economy. New technologies often lead to new products and services, which can create entirely new industries and markets. This cycle of innovation and disruption is essential for economic growth and development.- The role of technology in the economy cannot be understated. It has the power to transform industries, create new opportunities, and drive economic growth. As technology continues to advance, it will be crucial for businesses and policymakers to adapt and harness its potential for the benefit of society as a whole.
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