What is the role of science and technology in economic development?


3 Answers

Connor Sephton Profile
Connor Sephton answered
Without science and technology, new inventions and achievements can't make it to the marketplace. Today, almost every new product or service that is created to be sold to consumers has elements of high-technology or science associated with it; without new inventions and the money they bring in, a country can't build a strong economy.

  • Most businesses need science and technology

For example, even a simple cupcake business may use new-fangled frostings that are coloured and flavoured with additives that were initially put together in a laboratory. Of course, gadgets, such as cell phones or electronic iPads, are impossible to manufacture and sell without science and technology.

Without science and technology, factories can't be computerized, offices can't be wired to the Internet, and salespeople can't "ping" potential sales leads via social networking sites or SMS text messages. Science and tech are powerful commodities that change all of the time.

  • Science and tech support the economy

The economy thrives when science and technology support the commercial interests of a country and its people. In developing nations, the lack of science and technology talent, research, development, and facilities negatively impact the economy. Since these developing nations can't compete with science and tech-laden countries, such as Switzerland or Japan, they cannot generate the same income. Without a strong economy, governments can't generate the tax dollars they need to take care of their citizens with social welfare programs, health care programs, and other social progress reforms. 

Science and technology generates billions of dollars in income every year from myriad fields and industries. Whether the industry is research, pharmaceuticals, astrophysics, or engineering, science and tech are necessary to the success of any type of corporate venture. Universities and colleges also have plenty of students who pay big bucks to study technology and science, and then use their degrees to work in those fields.
Roger Macario Profile
Roger Macario answered

Developments in science and technology are fundamentally altering the way people live, connect, communicate and transact, with profound effects on economic development. To promote tech advance, developing countries should invest in quality education for youth, and continuous skills training for workers and managers.

Science and technology are key drivers to development, because technological and scientific revolutions underpin economic advances, improvements in health systems, education and infrastructure.

The technological revolutions of the 21st century are emerging from entirely new sectors, based on micro-processors, tele-communications, bio-technology and nano-technology. Products are transforming business practices across the economy, as well as the lives of all who have access to their effects. The most remarkable breakthroughs will come from the interaction of insights and applications arising when these technologies converge.

Charles Ruiz Profile
Charles Ruiz answered

they are so intertwined that economic development has become a function of science and technology......those countries lacking in either you will quickly find in the low regions GDP in the world-class USA with Angola...

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