The paper 'Technology and Economic Development' is a great example of a Macro and Microeconomics Assignment. The OECD economies are more dependent on the production, distribution, and use of knowledge than ever before. From the case study, it is clear that technology is the solution of long term problems especially regarding production, distribution. While, on the other hand, economics rely on production and distribution, it is important to note that all the activities that orient towards economic growth should integrate the use of technology in their operations towards achieving those strategies.
Take a look at the economic development that is geared towards embracing technology, you find that there has been the replacement of the old systems of production and the use of information technology has taken over such that there are highly technologically advanced output and the level of employment, in terms of the use of computers in industries and aerospace. Economic development is more inclined towards knowledge-based such that there is more shift towards developing technologically as per the case study where the estimated growth of GDP is knowledge-based. There is a growth of investments that are geared towards high technology whereby the use of computers and other technologically advanced equipment result in rapid growth.
Due to the rising rate on the use of technology, there have been the same rising rates on the search of knowledge on handling technology, for example, the research and development have been extended, and education has been advanced, training of the labor force on the use technology so that they will be updated. When it comes to productivity, the use of technology has proven to improve the level of production such that more organizations are embracing the use of technology so as to achieve substantial goals. From the case study, OECD suggests that there is a positive relationship between economic development and technology such that the use of technology in production and distribution results in more economic development.
Take a look at job creation whereby the use of technology has created more job opportunities which have also added an impact to productivity. When it comes to knowledge and productivity, it is evident from the case study that there is a relationship between knowledge and production together with the use of technology.
Fransman, M. (1986). Technology and economic development. Social science.
Malecki, E. (1997). Technology and economic development: the dynamics of local, regional and national competitiveness. Business and economics.
Mowery, D. (1991). Technology and the pursuit of Economic Growth. Cambridge university press.
Nelson, R. (2005). Technology, Institutions, and Economic Growth. Harvard University Press.
Rahman, A. (1974). Science, Technology, and economic development. National publishing house.