Economic growth

 

Economic Growth

The economic growth in the world has been triggered by a variety of factors, mostly of human nature. According to this article, technological growth has played a seemingly larger role in not only the economic growth of the current world but also in history. Furthermore, the future growth in the economy is also in the hands of technology and its development. The author however expresses and reports the existing concerns and anxieties related to technological growth and development of economies. This paper will summarize the author’s argument and provide a reactionary commentary on the article.

First, the author is very articulate to point out the major issues surrounding economic growth and how technology has had a hand in all these. He explores issues related to the great depression and how technology led to both the stagnation of economies as well as their recovery. In addition, the author also takes the time to elucidate on the nature of technology and how it is affecting labor and employment. From the perspective of this article, as technology grows, industries are replacing humans with machines, and this is likely to lead to increased unemployment levels. However, this is expected to the short-term effect characterized by a widened economic gap and poor labor relations. In the long-run, reduced labor cost will lead to an overall growth of the economy as many people increasingly embrace technology.

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