Technology shapes economic development from "summary" of The Making of Economic Society by Robert L. Heilbroner,William Milberg
The relationship between technology and economic development is a fundamental aspect of the evolution of societies. Technology, in its various forms, has played a crucial role in shaping the economic landscape of civilizations throughout history. From the invention of the wheel to the development of the internet, technological advancements have driven economic progress and transformation. Technological innovations have the potential to revolutionize industries, create new markets, and disrupt existing economic systems. The introduction of new technologies can lead to increased productivity, lower production costs, and the creation of new sources of wealth. For example, the invention of the steam engine during the Industrial Revolution transformed manufacturing processes and enabled the mass production of goods on a scale never seen before. Furthermore, technolo...
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