essay on economic and technology

For those who believe in the power of innovation and the promise of creative destruction to advance economic development and lead to better quality of life, technology is a vital economic driver (Schumpeter 1942). But it can also be a tool of tremendous fear and oppression, embedding biases in automated decision-making processes and information ...

Such disruption occurs precisely because the new technology is so flexible and pervasive. Consequently, many benefits come not simply from adopting the technology, but from adapting to the technology. The advent of electricity generation enabled power to be delivered precisely when and where needed, vastly improving manufacturing efficiency and ...

A new paper by Mercatus scholars James Broughel and Adam Thierer assembles the literature on growth theory and accounting to paint a picture of just how important technology is to long-term growth. How We Know How to Grow. Interest in measuring and modeling the sources of economic growth increased among economists in the mid-20th century. In ...

In this essay, we briefly discuss how technology has been integrated into the study of economic growth. We begin with a short introduction to exogenous growth theories, then move on to discuss Romer's endogenous growth model, and finally conclude with a brief discussion of technology's impact on human society from a different angle.

Technology and science reinforce each other to take the global economy ever higher. Joel Mokyr. In recent years, many economists have questioned the ability of technological progress to keep propelling the economy forward despite declining population growth and rising dependency ratios (Gordon 2016).

A recently published book, " Growth in a Time of Change, " addresses these questions. Three basic ingredients drive economic growth—productivity, capital, and labor. All three are facing new ...

Executive Summary. Innovation and entrepreneurship are crucial for long-term economic development. Over the years, America's well-being has been furthered by science and technology. Fears set ...

In economics, it is widely accepted that technology is the key driver of economic growth of countries, regions and cities. Technological progress allows for the more efficient production of more and better goods and services, which is what prosperity depends on. However, the mechanisms through which technology is developed, adopted and used in ...

Technology and the Global Economy. Jonathan Eaton & Samuel S. Kortum. Working Paper 32062. DOI 10.3386/w32062. Issue Date January 2024. Interpreting individual heterogeneity in terms of probability theory has proved powerful in connecting behaviour at the individual and aggregate levels. Returning to Ricardo's focus on comparative efficiency as ...

Abstract. This thesis studies the economic forces that influence the creation of academic research and basic scientific knowledge. I study this from an empirical perspective, using administrative data from structural biology and observational astronomy, as well as detailed publication and citation data from many academic disciplines.

Essays on Fintech, Finance, and Development Economics Abstract The first chapter uses violations of the law of one price of Bitcoin to uncover sources of demand for cryptocurrency. In line with Hayek, we show that distrust breeds demand. We proxy Bitcoin demand with transitory price deviations---Bitcoin prices in a local currency, converted into

Innovation introduces new products with unclear economic properties and user behavior. Chapter three investigates user decisions around one such product: open-source software. Using data with five million months of open-source web server usage from over 150,000 US organizations between 2000-2018, I develop hazard models to study determinants of ...

The focus of this paper is to investigate technology changes and influence on economies since the First Industrial Revolution. The First Industrial Revolution was the first point in time when both increase of GDP per capita and population occurred at the same time (avoiding the Malthusian trap).

Technology and technological change play a central role in economics, whether in the theory of resource allocation or in the theory of growth and development. Yet the nature of technology is largely ignored in economic theory, it being considered sufficient to treat technology as a constraint on productive opportunities. This short essay delves a little deeper into the nature of technology and ...

This dissertation contains four essays concerning the economics of information technology, intangible capital, and artificial intelligence. In the first essay, "Engineering Value: The Returns to Technological Talent and Investments in Artificial Intelligence" I describe how firms can appropriate some of the value of their employees' human capital by assigning firm-specific tasks.

Combining theoretical work with careful historical description and analysis of new data sources, History Matters makes a strong case for a more historical approach to economics, both by argument and by example. Seventeen original essays, written by distinguished economists and economic historians, use economic theory and historical cases to explore how and why "history matters." The ...

It refers to the application of science or innovative non-human energy to perform work. Technological advancement has been praised as one of the factors that drive the economies of most nations and emerging markets. The application of new technology is very profound in almost all sectors of the economy, including medicine, health, transport ...

Rapid technology adoption can unlock huge economic value, even as it implies major need for retraining and redeployment of labor. In India, for example, digital technologies provide the foundation for many innovations that could contribute $550 billion to $1 trillion of economic impact per year in 2025. However, the value of digitization that ...

Combining theoretical work with careful historical description and analysis of new data sources, History Matters makes a strong case for a more historical approach to economics, both by argument and by example. Seventeen original essays, written by distinguished economists and economic historians, use economic theory and historical cases to explore how and why history matters. The chapters ...

We also held our own AI Governance Summit, in response to rising concerns about the technology's impact, released a set of recommendations, and explored theimpact of AI and large language models on jobs. As we look ahead to 2024 at Davos, AI as a driving force is one of our four key themes.

The Journal of Economy and Technology (JET) is an open access, peer-reviewed academic journal that provides an international forum for scholarly interaction and research on economics, management and technology.JET features papers on (i) cutting-edge technologies, and (ii) economics and management (with technology or innovation elements). The journal provides a means for scientists and ...

Essays on Economic Growth, Institutions and Technology Diffusion. In the first chapter of this dissertation (joint with Esteban M ndez-Chac n), we study the short- and long-run effects of large firms on economic development. To do so, we use evidence from one of the largest multinationals of the 20th Century: The United Fruit Company (UFCo).

technology (IT) as a key component to assist in this goal. In this dissertation, we study the role of health IT innovations under the value-based care structure in reducing cost, boosting quality of care, and improving healthcare efficiency. In the first essay, we focus on the Medicare Accountable Care Organization (ACO) program,

1. Introduction. Technology and science have a significant and expanding impact on society. Science has influenced our moral values and core ideologies by radically altering our styles of interaction, ways of working, housing, clothing, food, modes of transportation, and even the duration and quality of life itself.

Q58 Environmental Economics: Government Policy. The Economics of the Global Energy Challenge by Michael Greenstone. Published in volume 114, pages 1-30 of AEA Papers and Proceedings, May 2024, Abstract: Rather than facing an isolated climate change challenge, this paper argues that the world must confront the Global Energy Challenge (GEC) that r...

In the present era of the digital economy, digital technology innovation has emerged as a pivotal factor in propelling economic development of high quality and sustainability. This study uses the data of all A-share listed firms in China from 2011 to 2021 to estimate the effects of digital technology innovation on the corporate ESG performance.

FAQs on Essay on Technology. Q.1 What is Information technology? A - It is a form of technology that uses telecommunication and computer systems for study. Also, they send, retrieve, and store data. Q.2 Is technology harmful to humans? A - No, technology is not harmful to human beings until it is used properly.

Working Paper 32450. DOI 10.3386/w32450. Issue Date May 2024. This paper estimates that the macroeconomic damages from climate change are six times larger than previously thought. We exploit natural variability in global temperature and rely on time-series variation. A 1°C increase in global temperature leads to a 12% decline in world GDP.

This paper discusses connections between female economic empowerment and government spending. It is an abbreviated overview for non-gender-experts on how fiscal expenditure may support female economic empowerment as an interim step toward advancing gender equality. From this perspective, it offers a preliminary exploration of key factors and indicators associated with gender-differentiated ...

Productivity in professional and financial services and in information technology grew by 4.3% between 2018 and 2022 compared with gains of 0.9% across construction, manufacturing and retail, food ...