Question

Why is technological change so incredibly important to the future of national competitiveness?

Can a nation leapfrog ahead in the technological landscape? How? And why not?

Provide some examples of countries that continue to invest in order to stay or get ahead in this era?

Answer 1

Question 1

Technology is very important for the future development of any economy. The status of countries today would have been something else hadn’t the technology improvements were made. United States is the topmost developed country because it adopted invented various technologies which helped it grow into a better world.

Technology can be introduced in any field. For example, in production, technology improvement would reduce the costs and save time and achieve economies of scale. It makes the things easier and provides benefits to the activities conducted.

Technology has improved our lives undoubtedly and should continue to do so in order to get the world developed even more. We have seen the invention of curing the non curable diseases with the help of technology. It improves lives and gives lives to people. Various fields such as Agriculture and Industries have been grown to a very achievable point with the help of technology.   In Manufacturing, the first Industrial divide of Henry Ford was replaced by the second industrial divide due to technology which has notable achieved benefits in the manufacturing process over the globe.

Technology is also required to sustain all the developments that have been made so far. It is required to maintain the social stability in the economy, only then the future would be better for us all. It is important to improve the quality of our future lives.