What Is The Role Of Technology In The Economic Development Of Country?

Role of technology in economic development

Technology is pool of technical knowledge. It is science or systematic knowledge of industrial art. There four major roots of modern technology. These are the reorganization of labour, the use of machines in manufacturing, the exploitation of man made material and application of new sources of energy. Economic development takes place even through a natural process. But the rate of such natural development is very slow. The economic development depends upon the rate of economy growth; itself is the result of greater productivity. In process of production, the most important factor is technology. Technologies progress results from new and improved way of accomplishing traditional task.

Technology can be divided into three categories. These are neutral technology, capital saving and labour augmenting. Technology facilities the process of production in agriculture and industrial sectors. Production can be carried out with the help of old machines and techniques. But the use of new machines and techniques results in more output of a country leads to more volume of Gross Nominal Product. A continuous increase in the national income of a country may result in visible economic development. The use of modern technology effectively required to fulfill certain preconditions.

The role of technology in fostering economic development in developing countries

Underline the role of technology in economic and national development in nigeria