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Technology's Role in Economic Development and Innovation

The role of technology in economic development and innovative technologies is boastful. The role played by technology in simulation of growth and development in emerging markets is quite profound. It is significant in economic development hence is extremely important to understand. New technologies and smart applications have become prevalent. Without them, most business processes are stuck and corporations incur huge losses. How has technology played a key role in economic development and innovative technologies? The world we currently live in is very different from what it was 30 years ago. The first computers were large, slow and only used by a select few. There was no internet. A mouse was a domestic pest, a virus was treated with antibiotics, and a hard drive meant touring along an unpaved road. 
Well, now every one has computers and no one knows what the internet is going to be in the future. The Internet has brought about a global communications explosion. This has radically changed how we live, work and communicate. The world has shrunk, as now our friends who are half way around the world are an email, or sms text away.

With technology, being what it is today top doctors and surgeons are able to treat patients who are far away. This way they can directly apply their expertise to remote areas while still in their resident hospitals or homes. Medical equipment on the whole such as MRI, CT scanners, dialysis machines, etc have all evolved with technology. Most modern equipments have microprocessors and are much more accurate and reliable.

The role of technology especially in the business world is so widespread. Traders in Stocks and forex are able to better analyze and forecast economic trends earlier and with more accuracy. Newer technologies in vehicle engine design are directly because of technology. Fuel cells, hybrids, hydrogen, electric, the alternatives are abundant due to advances in technology. Then there is the whole security/navigation area with GPS for mapping, tracking, and vehicle theft recovery. 

Telegrams and telexes which replaced older systems have since been replaced by emails, mobile phones, satellites, pod casts and so on. There seems to be no limit to the advancements in technology. From analog television now, there are digital, flat screens, plasma, liquid crystal displays getting ever flatter and wider. It is quite common nowadays to have a choice of literally hundreds of channels on cable or satellite television.

Technology has brought about the development of new composite materials with extremely rare and special properties. From lightweight - high strength parts for the aero manufacturing industry to extreme heat resistant parts for the space shuttles. Advances in Technology have led to high tech guided weapons and fighter aircrafts and un-manned long-range aircrafts. To even new and better passenger aircrafts that fly faster are quieter and have less of an environmental footprint.

Technology has brought about the ability to mass-produce while maintaining a uniform quality in the product. In the 19th and early 20th century, development was measured by the level of industry. Now it is measured by different parameters such as the level of technology, economic development, and innovative technologies. 

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