This is the year that really proves the importance of science and technology in our world, as we are on to the race for an effective vaccine to end the coronavirus pandemic once and for all. Prior to this modern-day plague, we are already well-aware of science and technology’s role in driving our daily lives. Specifically, the economy, which gives us many opportunities to improve our way of living, is actually largely dependent on the progress of technology. Read more to learn about the importance of science and technology in modern-day economy, and how we can contribute to the latter’s advancement by prioritizing research and development.
What Is Technology?
To make it much simpler for everyone to comprehend, technology is the society’s pool of knowledge regarding the industrial arts. Now, for the more complicated part, technology is comprised of many things. Here are as follow: knowledge used by industry regarding the principles of physical and social phenomena (such as the properties of fluids and the laws of motion); knowledge regarding the application of these principles to production (such as the application of genetic theory to the breeding of new plants; and knowledge regarding to day-to-day operations of produciton (such as the rules of thumb of the craftsman).
Technological change is the advance of technology, such as advance often taking the form of new methods of producing existing products, new designs which enable the production of products with important new characteristics, and new techniques of organization, marketing and management. There are many examples on how we can identify the changes in tech over the years, like observing how much gadgets we bring to camping for a better experience.
There is so much private affluence coexistent with so much public squalor in spite of economic and technological resources available. You need to take note of the following:
- general theory of advanced capitalist development
- considerable social and economic inequalities of various kinds (gender, race etc.)
- profit maximisation is no longer the main motivation
- the power has shifted from the owners (capitalists) to the managerial elite who runs things
- consumer sovereignty to producer sovereignty
Planning system is comprised of large corporations and all of heavily bureaucratized; it is characterized by advanced technology, monopolistic control over velgenklere.no market and the ability to control prices and wages. Market system is composed of small entrepreneurial businesses dealing with personal services, agriculture and geographically dispersed functions. The relations between two systems are such that the planning system constantly gains at the expense of the market system in terms of resources, incomes and power.